“Whilst there will be changes connected to our corporate structure, what won’t change is our commitment to maintaining both long-term value in investing through the cycle, as well as a diversified portfolio of market-leading brands,” it continued. “We want to reassure you that if this does go ahead, it is business as usual,” the memo, co-signed by DMGT CEO Paul Zwillenberg and CFO Tim Collier, said. Rothermere has a reputation for not meddling in editorial affairs and on Monday reiterated his commitment to the company’s newsrooms in an email to staff, part of which was shared with CNN Business. The potential deal would place the Daily Mail and its sister titles squarely in the hands of Lord Rothermere - 53 year-old billionaire Jonathan Harmsworth - whose great grandfather founded the newspaper empire. The Rothermere family already own just over a third of DMGT and 100% of the company’s voting rights. If both the sale and the Cazoo listing go ahead, the Rothermere’s holding company “would be prepared to make a possible cash offer” that values the group’s remaining assets at £810 million ($1.1 billion), DMGT said. Shares in the company climbed 3.5% in London following the announcement. It would be part of a bigger restructuring that would include the sale of the company’s insurance business and the New York listing of used car dealer Cazoo, in which DMGT owns a 20% stake. The aristocratic family behind the Daily Mail is considering taking the tabloid newspaper off the London Stock Exchange, further concentrating UK media ownership in the hands of a few rich men.ĭaily Mail and General Trust (DMGT) - which owns the Daily Mail, Mail Online, Mail on Sunday and Metro - said in a statement on Monday that the Rothermere family is considering a deal to take the newspaper group private.
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