LONDON: The publisher of Britain's Daily Mirror has agreed to pay 126.7 million pounds ($176.85 million) in cash and shares to buy rival titles the Daily Express and Daily Star in the biggest shake up of the embattled newspaper industry in years.
The deal brings together tabloids from the opposite ends of the political spectrum plus celebrity magazines to create a larger company better able to combat declining sales and the move of readers and advertisers online.
Trinity Mirror said on Friday it would pay an initial cash consideration of 47.7 million pounds, a deferred cash consideration of 59 million pounds payable between 2020 to 2023 and the balance of 20 million pounds by the issue of shares.