The Board of Daily Mail & General Trust plc has been conducting a strategic review of the Group's regional newspaper division, Northcliffe Newspapers. In an announcement to the stock exchange, the board stated the following: "Given the strategic importance of Northcliffe within the regional newspaper industry, it has also decided to explore whether greater shareholder value can be achieved through a sale of the business. The Board has appointed Greenhill & Co. International LLP to assist in this process. In the event of a sale, the Board intends to return a substantial portion of the net proceeds to shareholders. The Group remains fully committed to the continued growth and development of Associated Newspapers. Its titles are at the heart of DMGT and will continue to be so. There remains considerable potential to improve the performance of Northcliffe and any sale will only take place if substantially more value can be achieved for shareholders. DMGT's business to business divisions, particularly DMGI and Euromoney, continue to grow strongly as the Group continues its strategy of reducing its dependence on UK newspaper advertising."