Trinity Mirror is to sell its Irish regional newspapers to venture capital group 3i for £46.3m.

The deal will see The News Letter in Belfast, the Belfast News, Farming Life, Derry Journal, Donegal Democrat, Donegal People's Press, Letterkenny Listener, Foyle News and the City News, transferred to a newly formed company, Local Press Limited.

The sale is subject to the approval of the Irish Competition Authority and it is expected to be completed early next year.

Trinity Mirror chief executive Sly Bailey said: "These are tremendous assets to own but for Trinity Mirror there was limited strategic fit.

"We were pleased with the high level of interest in these titles, and believe we have achieved a good price and realised value for our shareholders by their disposal.

"We wish all staff who move with the titles, and their new owners every future success."

3i director Robin Marshall said: "3i is delighted to be able to back existing management to grow these titles. They are a talented and dynamic team who have a significant track record of success."

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