Guardian Media Group is to sell off part of
its lucrative Trader Media Group division, which publishes classified
car magazine Auto Trader.
GMG currently
wholly owns the subsidiary, but will sell part of it through an initial
public offering on the London Stock Exchange later in the year.
Trader
Media Group was valued at £1,140 million in 2003 – the year in which
GMG acquired the 52 per cent of the company it didn’t previously own.
“This
will enable the group to retain a majority stake in Trader Media Group,
while enabling further investment in other businesses and the pursuit
of other opportunities,” a company statement said.
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