Daily Mail owner DMGT nears pension deal

The Daily Mail's publisher is closing in on a deal with pension trustees over how the group's retirement scheme will be financed under the Rothermeres' plan to buy the company, removing a final stumbling block for the family to proceed with a takeover bid. Daily Mail and General Trust said on Tuesday it was "Close" to reaching an agreement with the pension trustees in which it would make a payment of about £400m into the schemes, to safeguard retirement payouts. The concern was that DMGT will be materially smaller, less diversified and more exposed to consumer media as a result of the disposals, meaning the business backing pension payments will be weaker. DMGT had already agreed to pay about £60m into an escrow account for the pension schemes to compensate for the RMS sale. Its titles include Metro, The i and New Scientist, as well as the Daily Mail, the Mail on Sunday and MailOnline.

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