Daily Mail & General Trust is selling its newspapers in Aberdeen and plans to return �50m ($87m) to investors through a share buyback. The publisher is selling Aberdeen Press & Journal and the Aberdeen Evening Express, to DC Thomson for �132m.
Daily Mail also said it would merge its regional newspapers division, Northcliffe, with Associated Newspapers, its national division.
It said it expects cost savings of at least �45m a year.
Shake-up
Northcliffe will undergo a managerial shake-up through the creation of six operating regions, the publisher said.
It warned that further job cuts were likely, but did not elaborate on how many could go.
Northcliffe shed 850 staff last year and currently employs 6,600 workers.
Last year, Daily Mail tried to sell-off the entire Northcliffe business, but called off negotiations in February this year after it failed to get acceptable offers.
It received three bids for Northcliffe, and offers for parts of the firm, but said that they did not "fully reflect the long-term value of the business".
DC Thomson publishes The Courier and the Evening Telegraph in Dundee as well as the Beano.
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