There has been a lot of rationalization in the group. Editors split over a couple of titles etc
O’ Reilly is long out the door now
Good to see someone has finally pointed out assets and liabilities on a balance sheet because some of the shareholders couldn’t and certainly not The Phoenix.
And here lays the problem. 7% of digital revenue with a circulation rapidly declining. Millions will have to be spent transforming the business- the Beligian guys might be able to do it quicker by just scaling their own tech and strategy, but as a stand-alone business it was going to be tough.
€380m value 
Bath or not it’s probably the cleanest 45m he’s ever made!
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