The publisher, which is in the process of selling off its Midlands and London titles, has agreed to sell Kent Regional Newspapers, East Surrey and Sussex Newspapers and Blackmore Vale Publishing to Northcliffe Media. The papers, which include the Folkestone Herald Dover Express, Maidstone Adscene, the Croydon Post, Reigate Redhill & Horley Post, have an estimated combined readership of around 870,000 readers.
The acquisition, which includes Croydon Post and Surrey Mirror Advertiser Series, have been described by Northcliffe Media as something that will strengthen its publishing reach across regional newspaper publishing, with the sale expected to be completed by July 23.
Trinity Mirror said it expected the sale of its Midlands' portfolio, which includes the Birmingham Post and Coventry Evening Telegraph, to be finalised in the third quarter of the year. It has yet to complete the sale of Racing Post, which is likely to fetch around £180m, although talks with FL Partners are understood to be at an advanced stage, despite the deadline for negotiations being extended.
The decision by Trinity Mirror to sell off 138 regional titles was made in December last year, as the group aimed to make cost savings of around £20m across the business. It is believed that the eventual sale of Racing Post and 138 of the group's regional titles could raise around £600m for Trinity Mirror.
Michael Pelosi, managing director of Northcliffe Media, said: "Today's acquisition strengthens our publishing reach in a region demonstrating strong economic growth where digital opportunities are particularly attractive."
Northcliffe Media reported "slowly improving" ad revenues across the business for the second quarter, rising 0.3% in comparison with a 1% fall for the same period last year.
In May, Northcliffe Media agreed a deal with Jobsite.co.uk to feature job ads across the publisher's network of 36 local newspaper websites, which comprise the This Is network.
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