Trinity Mirror is reportedly close to striking a deal to acquire Richard Desmond’s Daily Express after, being blocked from taking over the Local World regional publishing group.
The parent publisher of the Daily Mirror, Sunday Mirror and Sunday People, has reportedly been in negotiations with Desmond’s Northern & Shell since March with a view to expanding its portfolio, according to the guardian.
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Express Newspapers, parent of the Daily Express, Sunday Express, Daily Star and Daily Star Sunday, turned over a pre-tax profit of 26 million in 2013 which gives the publisher value of up to 125 million.
Desmond reportedly holds out for a high price of as much as $156 million for his publication.
The Daily Express wasn’t Trinity’s first choice however, says The Drum, as the paper had hoped to take a controlling stake in David Montgomery’s Local World by adding to its existing 19.98 per cent holding – only to be blocked by Lord Iliffe who controls a 21.3 per cent stake through the Yattendon Group.
According to the guardian’s sources there is a ‘good chance’ that a deal can be struck with Desmond by the end of the year.
