Mirror group sells ic24 for £4.5m
LONDON - Trinity Mirror has sold its ISP ic24.net to internet investment company Brightview for £4.5m.
Trinity Mirror has been looking for a buyer for ic24 since March, when the newspaper group announced it was cutting its internet investments and selling off non-core assets in order to boost profits.
The group had originally hoped to sell the ISP for about £25m. The sale of ic24 follows similar disposals at other UK companies. BT and United Business Media sold their LineOne venture earlier this year to Italian ISP Tiscali.
Details of the deal have not been made available, but a statement on ic24's website confirms the sale and says that from September 7, the ISP will be offering unmetered internet access for £12.99 a month, in addition to its existing services.
Brightview has recently been on a shopping spree for small UK ISPs, and earlier this year bought the subscriber bases of Madasafish and Totalise. The subscriber base for ic24 is estimated at around 250,000.
News of the sale follows Trinity Mirror's announcement this morning that it plans to cut 800 jobs over three years. Of those job cuts 85 are going in the digital media division.
The closure of its icShowbiz and icSports websites earlier this year contributed to a £5.3m exceptional cost during the six months to July 1, and the company's debts rose by £3.6m to £771.8m.
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