GMG sell AutoTrader shares

Guardian Media Group, owners of the Real Radio and Smooth FM brands are to sell a minority shareholding in the Trader Media Group, publishers of AutoTrader.

GMG acquired the 52% of Trader Media Group it did not already own in October 2003..

The full statement from GMG is below:

The Board of Guardian Media Group plc has decided to rebalance the Group?s current portfolio through the sale of a minority shareholding in Trader Media Group. This will be effected through an initial public offering on the London Stock Exchange at some stage during the current financial year, subject to market conditions. This will enable the Group to retain a majority stake in Trader Media Group, while enabling further investment in other Group businesses and the pursuit of other opportunities. The Board has been advised by Merrill Lynch.

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