Mirror insists ‘no certainty’ over deal to takeover Richard Desmond's newspapers

ON, off and on again talks between Daily Express owner Richard Desmond and Trinity Mirror could finally result in a deal this week.

Trinity is expected to buy the newspaper assets of Northern & Shell, Desmond’s company, for more than £125 million.

According to Sky News, Desmond will get £42 million in cash, £20 million of Trinity shares and the rest over five years.

In a short statement to the stock market today, Trinity Mirror said it “notes the media speculation over the weekend about it acquiring certain assets of Northern & Shell. As previously announced, discussions are ongoing, but there can be no certainty that a deal will be agreed.”

Trinity shares were down 1% today at 67.4p, which values the company at £184 million. The deal is seen as a cost-cutting endeavour.

Northern & Shell also owns the Daily Star and celebrity magazine OK!

The two sides have held talks going back several years. One sticking point has been pensions. The trustees want a big cash payment to secure the retirement funds of staff.