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David Montgomery, the former head of Trinity Mirror, is expected to announce later this week that he has formed a new company, Local World, to manage the regional newspaper operations of the Daily Mail & General Trust and the Yattendon Group.
The deal has seen Montgomery partner with Yattendon, the family owned media and property group, to buy Northcliffe - the regional division of DMGT.
In return for its participation Yattendon will take a stake in the newly formed business whilst DMGT will also own a part of the company, in addition to a cash payment.
Trinity Mirror is also said to be taking a 20% stake in the venture although it will not be placing any of its own titles into the company just yet.
The deal values Northcliffe at £100m
