Goldman Sachs: Northcliffe valuations were ‘very rich’
Posted by
Martin Stabe
on 22 February 2006 at 11:05
Tags: Newsquest, Northcliffe
A new report by an investment bank says Gannett was lucky not to have acquired Northcliffe newspapers, Editor & Publisher reports.
Goldman Sachs says the American newspaper group, which owns the Newsquest regionals in the UK and was one of the bidders for Northcliffe, was fortunate that Daily Mail and Gerneral Trust decided to withdraw the sale. Given the reported pricetag of £1.3 to £1.5 billion, the bank’s report says, “we are happy that Gannett did not ‘win’ this asset, as these valuations are very rich, even in the context of potential synergies.”
Goldman Sachs now expects Gannett to be cautious as it turns its acquisitive attention to the American chain Knight Ridder, which has also been on the auction block.
Tags: Newsquest, Northcliffe
