Lord Rothermere wins shareholder approval for DMGT takeover

Lord Rothermere wins shareholder approval to take Daily Mail publisher DMGT private for around £2.4bn

Lord Rothermere has succeeded in his bid to take full control of Daily Mail publisher DMGT, which will be delisted from the London Stock Exchange.

The company announced on Thursday that investors representing 63% of DMGT shares have now voted in favour of the deal, meaning it has passed the necessary acceptance threshold.

Press Gazette estimates that the takeover deal is worth around £2.4bn, although the total value varies according to the share price of Cazoo – because part of the Rothermere payment is made up of stock in the US-listed online car retailer – and currency movements. 

Read more: Details of Lord Rothermere’s takeover offer

Because the Rothermere family already owned about 34% of DMGT shares, they will be paying close to £1.6bn for the part of the company they do not already own.

Daily Mail and General Trust, founded by Lord Rothermere’s great-grandfather, has been listed on the London Stock Exchange since 1932.

The company, best known as the owner of the Daily Mail, Mail on Sunday and Mail Online, has expanded its publishing portfolio in recent years while selling off interests in non-media properties.

As well as the Mail titles and free daily newspaper Metro, DMGT also now owns the i, the New Scientist and start-up news digest brand the Knowledge. DMGT also contains property information brands, DMG Events, and DMG Ventures.

In its 2021 annual results, DMGT reported revenues of £885m in the 12 months to 30 September.

Its consumer media division reported a total turnover of £624m. The Daily Mail and Mail on Sunday generated £348m, Mail Online £164m, DailyMailTV £6m, Metro £26m, the i £32m and the New Scientist £13m.

Read more: DMGT’s 2021 results in full

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Author: William Turvill

William is Press Gazette's North America Editor.