Trinity Mirror announces £200m deal for Express and Star titles
Trinity Mirror has announced that it is acquiring the publishing assets of Northern & Shell. The deal includes the Daily Express, Sunday Express and Daily Star, the OK!, new! and Star celebrity magazines and a 50% joint interest in the Irish Daily Star. The £126.7m purchase price includes an initial cash payment of £47.7m, deferred cash consideration of £59m payable over 2020-2023, and the balance of £20m in the issue of new shares. Trinity Mirror will also make a one-off cash payment of £41.2m to the Northern & Shell pension schemes, with a further £29.2m agreed through to 2027. The acquisition allows the group to reduce duplication, share content and widen the breadth of coverage between its titles, and is expected to deliver £20m in annualised cost synergies by 2020. Trinity Mirror employs 5,300 people and owns a large portfolio of regional newspapers as well as the Labour-supporting Daily and Sunday Mirror. It had been in talks to take over Northern & Shell’s Brexit-supporting papers since autumn.