Newspaper group Daily Mail & General Trust (DMGT) said today it would sell one of its local newspapers and begin a £50 million share-buyback programme.
The move comes after the British publisher failed to attract sufficient bids for Northcliffe, its regional newspaper unit, earlier this year.
The group is selling Aberdeen Journals Ltd, publisher of the Aberdeen Press & Journaland the Aberdeen Evening Express, to DC Thomson.
Aberdeen Journals will have to pay €40 million into DMGT's pension scheme, and the company will receive net cash proceeds of about €152 million.
DMGT is also merging Northcliffe and Associated Newspapers, its national newspaper division, which includes titles such as the Daily Mailand the Evening Standard.
It expects cost savings of at least £45 million (€65 million) per year from the Northcliffe business.