Guardian-owned magazine business Ascential floats for £800m

guardian-observerThe magazine business jointly owned by The Guardian’s publisher and private equity group Apax, has floated at 200p a share, giving it a market cap of around £800m.

The sale will be a welcome boost to The Guardian’s dwindling trust fund. The newspaper is seeking to slash £54m in costs after a review unveiled that its £758m fund could run out in less than a decade.

For the full story read The Telegraph