Takeover deal for UK newspaper group

Daily Sport co-founder David Sullivan looked set today to net £40m (€59m) after agreeing to the sale of the UK based newspaper group.

Sport Newspapers, which also produces the Sunday Sport and is 50% owned by Mr Sullivan, has agreed to a takeover deal worth around £50m (€74m) with Interactive World.

The reverse takeover deal with Interactive, which supplies adult content to mobile phone users through the internet, will see Sport Newspapers become a public company via a listing on the Alternative Investment Market.

The two companies already have close ties as Mr Sullivan owns a 49.95% stake in Interactive, although he has agreed to offload his interest in Interactive for £14.5m (€21m) as part of the deal.