North Devon Journal and ThisisNorthDevon sold to new media organisation Local World
The North Devon Journal and www.thisisnorthdevon.co.uk website are under new ownership following an announcement this morning.
Daily Mail and General Trust (DMGT) has sold its regional publishing arm Northcliffe, which has a portfolio of 77 regional newspapers and dozens of websites, to Local World.
Local World is a newly-formed media group that will combine the Northcliffe titles with those of Iliffe News & Media Limited and be led by David Montgomery.
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 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."