DMGT has sold a 75% stake in its London title, the Evening Standard, to Russian investor Alexander Lebedev for £15 million

The deal helps DMGT reduce its losses at the title, thought to be up to £20 million a year

While the sale also underlines the publisher’s commitment to reducing its reliance on volatile newspaper assets, we think it highly unlikely that the crown jewels – the Daily Mail and the Mail on Sunday – will come to market, although the story could be different for regional division Northcliffe

The final Ofcom statement on the future of PSB advocates fixing the commercial PSB crisis by designating Channel 4 as the core alternative provider of public service programming to the BBC, and freeing up ITV and Five commercially by means of considerably lightened PSB obligations

The fundamental issue of the Channel 4 (or any other) solution is funding the new commercial PSB model. Eyes are now being set on a Channel 4 partnership with BBC Worldwide, centred on its UK assets as the marriage made in heaven

Another major recommendation of the Ofcom PSB proposal is the abolition of the national Channel 3 breakfast time licence, currently held by GMTV, which is running a viable business with its own sales force. This recommendation appears at odds with Ofcom’s commitment to plurality in news provision and its statutory duties to encourage competition in the communications industries