Rothermere sells £540,000 of DMGT shares

LONDON - Daily Mail & General Trust chairman Lord Rothermere has sold about £540,000-worth of shares in the group.

DMGT: Lord Rothermere sells tranche of shares
DMGT: Lord Rothermere sells tranche of shares

According to a statement released to the London Stock Exchange, Rothermere sold 325,295 shares at a price of £2.29 per share.

According to the stock Exchange, Rothermere still holds nearly 76 million shares, equating to 21.05% of the company's stock.

Other leading shareholders in the group include financial institutions Cazenove (£190.5m-worth of shares), Citigroup (£179.4m) and Morgan Stanley (£189.2m), according to City estimates for the year ending 4 October 2008.

Rothemere's selling of the shares follows the group's sale of the Evening Standard to Russian oligarch Alexander Lebedev.

It also follows news that DMGT has doubled the estimated number of job cuts at Northcliffe Media, its regional division, to about 1,000 jobs, following an advertising slump.

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