Apax pulls out of PCM newspapers

British private equity group Apax is pulling out of Dutch publishing group PCM. Apax bought 47.5% of PCM, which publishes the Volkskrant, NRC and Trouw newspapers, in July 2004.

The other main shareholder, the Democracy and Media Foundation, is to take over Apax’s shares – pending their sale to a new partner. Details of the sale have yet to be finalised.