The disposal of KRNM to the Kent Messenger Group, who was seeking to acquire the titles to integrate with its existing Kent based media portfolio, was conditional upon the transaction receiving clearance by the OFT. As the OFT has not given this clearance but has referred the case to the Competition Commission both parties have aborted the transaction.
Steve Auckland (pictured), group managing director of Northcliffe Media, said: "This makes a mockery of politicians expressing their desire to reduce red tape in business and allow consolidation in the regional press. We are not talking about a Google or a Microsoft here.
"The OFT has to operate within a regulatory system that is not designed to cope with small local newspaper businesses that have no prospect of funding a Competition Commission review and are thus denied the opportunity to consolidate."
Richard Karn, managing director of Northcliffe Media's South East businesses, added: "The last twelve weeks have been a period of great uncertainty for staff who have responded magnificently. We look forward to being able to return our focus entirely to the challenge of growing our business, by meeting the needs of our many valued advertising customers and business partners across Kent."
Northcliffe Media acquired Kent Regional News and Media from Trinity Mirror in July 2007.
The portfolio consists of hybrid paid/free titles including the Folkestone Herald and Dover Express Series, the Isle of Thanet Gazette, Thanet Times, East Kent Gazette, Medway News and Canterbury Times Series.
