Wed, 05 Dec 2012 | BUSINESS SALE
The Guardian Media Group (GMG) is understood to have held talks over the sale of its 50 per cent stake in the Trader Media Group (TMG), which publishes Auto Trader.
Sky News revealed that the discussions have been held in recent weeks between GMG and Apax Partners, TMG's joint owner.
It is thought that the business sale is taking place because GMG is looking for extra finance to support its newspapers through the current period of difficulty as the industry seeks to come to terms with declining sales of printed newspapers.
In addition to a straight sale of GMG's half to Apax, there are a number of other options being considered, including refinancing. But insiders told Sky that Andrew Miller, GMG's chief executive, is reportedly keen to wrap up a sale with Apax as quickly as possible.
However, those close to the media group have said that GMG is under no financial pressure, noting that it is thinking ahead to prepare a financial buffer. As a result, the group will not agree a deal with Apax unless the buyout firm meets its valuation for the shareholding in TMG.
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