Trade and Industry Secretary Stephen Byers has stepped in to referee the race to acquire titles at Regional Independent Media.

He has referred Gannett UK and Johnston Press to the Competition Commission after both groups asked for permission to make a bid for RIM’s seven daily and 40 weekly titles.

Both groups have their hat in the ring in what is being labelled a takeover race for the newspaper company, thought to be worth around £650m.

Under the Fair Trading Act 1973, the Secretary of State’s prior written consent is needed before an acquisition like this can be made, and he is required to pass the information on to the Commission for investigation and a report. The report should be complete by the end of September.

RIM is the sixth largest regional publisher in the UK and the interest from the two larger companies marks a further step towards a consolidation in the industry.

Gannett already owns Newsquest. Check our previous story on the Gannett interest.

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