Trinity Mirror’s Express takeover slowed down as competition regulators lift up the bonnet

Britain’s competition regulator today launched an investigation into the sale of Richard Desmond’s Express newspaper stable to the owner of the Daily Mirror.

Media giants Trinity Mirror and Northern & Shell agreed a £127m deal in February, ending Desmond’s 18-year association with some of Britain’s most popular newspaper and magazine titles.

Just £48m will be handed over up-front by the Mirror owner, with further cash paid from 2020. A £41m plug of the Northern & Shell’s pension scheme was also agreed.

The Competition and Markets Authority (CMA) said it “will now assess whether this deal could significantly reduce competition within the UK media sector”.

A deadline of 7 June has been set for a decision with interested parties invited to submit evidence to the investigation.

Read more: Trinity Mirror wants to change its name to Reach

What stage is the deal at?

(Source: CMA)

The CMA probe comes as the same regulator is putting the final touches on its decision on 21st Century Fox’s proposed takeover of Sky. The watchdog’s final report is due to be handed to culture minister Matt Hancock this month with a decision expected in June.

Read more: Trinity Mirror buys Express owner for £127m