Daily Mail Owner to Spin Off Euromoney Stake to Shareholders
- Move increases Lord Rothermere’s exposure to media group
- CEO Zwillenberg has sold assets to narrow the company’s focus
The Daily Mail offices in London.
Photographer: Jack Taylor/Getty Images
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The owner of Britain’s Daily Mail newspaper will distribute its stake in the publisher of Euromoney magazine to shareholders in a move that will tie the fortunes of Chairman Lord Rothermere closer to the company.
Daily Mail investors will see some of their stock exchanged for Euromoney shares. Lord Rothermere, also known as Jonathan Harmsworth, won’t take part in the switch, so his family’s stake in Daily Mail & General Trust Plc will increase to 36 percent from 24 percent. He already controls the company’s voting stock.