Published: 12:00, 28 October 2015
| Updated: 12:20, 28 October 2015
Trinity Mirror has bought the Local World group of newspapers for £220 million, featuring six titles in Kent.
The deal means the publisher of the Daily Mirror, which owns several regional titles across the UK, has become the UK’s largest regional news outlet.
It paid £154.4 million for the remaining 80% of shares it did not already own in Local World, which publishes the Dover Express, Folkestone Herald, Isle of Thanet Gazette, Canterbury Times, Kent and Sussex Courier and Sevenoaks Chronicle.
Trinity Mirror said the move will allow it to make cost savings of up to £12 million in its second full-year of ownership.
It also aims to raise £34.8 million in a sale of shares worth 8.7% of the company.
Local World has 83 print publications, including 16 daily titles, 36 paid-for weekly titles and 29 free weeklies.
"It is a vote of confidence in local press and its future...” - Simon Fox, Trinity Mirror
It was founded at the end of 2012 through the merger of regional publishers Northcliffe Media and Iliffe News & Media.
Trinity Mirror chief executive Simon Fox said: “This is a good day for local media. Local World is a business we know and respect and by combining it with Trinity Mirror we will create an organisation of scale, with the talent and financial capacity to invest and adapt to the rapidly changing media landscape.
"It is a vote of confidence in local press and its future.”
Local World chief executive David Montgomery said: “Local World was founded three years ago with a clear vision to reinvigorate regional media with an unrelenting focus on our content, audience and advertisers.
“I am proud of what we have achieved. Local World is full of energy and talent and Trinity Mirror is acquiring a vibrant business with a strong future. I want to take this opportunity to thank everyone who has made Local World the success it is today.”