CN Group

Our Approach

  • We advise multigenerational family businesses
  • We are committed to reconciling the objectives and needs of multiple stakeholders
  • We are experienced in working with pension trustees and their advisers to protect the long-term interests of scheme beneficiaries

We employed these capabilities when we advised CN Group on the sale of their radio and print media assets to Global Media and Newsquest respectively.


CN Group
Global Media & Entertainment

Public or Private: Private

Client Position: Seller

  • Company Profile
  • Transaction Background
  • What We Did
  • Outcome

Cumbria News Group (CN Group) was a multi-generational family owner of 12 newspapers and magazines and operated two local radio stations. It also owned and ran a number of events in the North West of England and operated a printing press in Carlisle.

  • Due to a combination of a decline in the print media sector and an increasing pension deficit, the company decided to consider strategic options
  • Throughout the process, we worked closely with the executive board and independent directors, including pension fund representatives
  • We proposed a structured solution which was to separate the print media and radio businesses and to sell these to specialist trade buyers. This was key to maximising value
  • Successful negotiation of transactions which realised a satisfactory outcome for both shareholders and the pension trustees
  • The pension deficit remained with the print media business and would benefit from the stronger covenant of the buyer. In addition, we facilitated an acceleration of the deficit reduction programme