Regional paper round

Even a self-confessed newspaper addict like Warren Buffett believes the economics of the ink-stained industry are in long term decline. Yet one wouldn’t think so from the dozen of so buyers willing to offer up to £1.5bn for the Daily Mail’s regional newspaper group, Northcliffe. This looks like a high price – especially for the private equity bidders chasing the company. It corresponds to a takeout multiple of about 12 times ebitda. That is pretty lofty even in today’s debt-fuelled markets. And...