LONDON (Brand Republic) – UK independent newspaper group Regional Independent Media is to be carved up among the three companies bidding to take it over, after the UK government gave clearance to the prospective bids.
An investigation by the UK Competition Commission is obligatory when the daily newspaper circulation of the purchasers involved could pass the 500,000 mark on completion of a takeover.
US group Gannett is expected to make an offer for the business, which publishes The Yorkshire Post. It will then sell various titles to Guardian Media Group and Johnston Press, the other two bidders.
RIM owns 72 titles and has been valued at £550m by analysts. One of the largest regional newspaper groups, RIM was created from the £360m buyout of United News & Media’s regional newspaper business by venture capital group Candover in February 1998.
Trade and Industry Secretary Stephen Byers’ clearance of the takeover comes just days after Trinity Mirror, owner of national tabloid, The Mirror, bought Southnews -- the seventh-largest regional newspaper owner in the UK.
Trinity Mirror could buy some of the titles which remain unclaimed after the carve-up between Gannett, Johnston and GMG.