'Mail' chairman buys up voting shares
THE chairman of British newspaper publishers Daily Mail and General Trust has launched a bid to buy the remaining voting shares in the company that he does not already control.
Jonathan Harmsworth, better known as Viscount Rothermere, owns a controlling stake in a trust that runs newspapers – including the British mid-market tabloid newspaper the 'Daily Mail'.
He has now agreed to acquire voting shares from his uncle to raise his stake in the trust to 89.2pc from 59.9pc, the Daily Mail and General Trust (DMGT) said yesterday.
Rothermere also plans to acquire voting shares owned by other members of the family by exchanging them for non-voting shares.
The non-voting shares in DMGT, which are listed on the London Stock Exchange, are not directly affected by the deal and were trading up 0.5pc at 773 pence in opening trade yesterday.
The newspaper group was set up by Rothermere's ancestors in 1896 and now forms part of DMGT's consumer business.
DMGT also has a business-to-business media unit group, including Euromoney. (Reuters)