- 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.
- Company Profile
- Transaction Background
- What We Did
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