Cornwall newspapers and website to join new media organisation Local World
The West Briton, Cornishman and Cornish Guardian newspapers and www.thisiscornwall.co.uk website are this morning under new ownership.
Daily Mail and General Trust (DMGT) has sold its regional publishing arm Northcliffe to Local World.
Local World is a newly-formed media group that will see the Northcliffe titles combine with titles of Iliffe News & Media Limited.
DMGT will retain a 39% stake in the new company, with Iliffe owning 21%, and Trinity Mirror taking 20%.
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The remaining Local World shares will be purchased by other investors, including Artefact Group, an Investment Fund associated with Lord Ashcroft, and Odey Asset Management
Steve Auckland, the current Chief Executive of Local World and former Chief Executive of Northcliffe at DMGT said "Local World will be a comprehensive local content provider, offering the best and most trusted source of news, views and advertising in print, online and mobile, to its local audiences in the UK.
"The new company will be well-resourced, entrepreneurial, and able to respond quickly to the differing requirements of local communities."
In a letter to employees this morning, Lord Rothermere said "For everyone who works at Northcliffe, we believe Local World, with DMGT as its largest shareholder and led by Steve Auckland as Chief Executive, will be a good guardian of these assets. It is acquiring this business to expand it. The new company will also seize new opportunities in the fast-growing world of digital information".