(RTTNews) – Guardian Media Group or GMG has agreed to sell a minority stake in Trader Media Group to private equity group Apax Partners for nearly GBP 675 million. GMG, one of Europe’s largest specialist media companies, is the publisher of The Guardian and Observer as well as the Auto Trader magazine and website. GMG will retain a majority stake of 50.1% in the business, said a report. The deal values Trader Media at GBP 1.35 billion. In August 2003, GMG bought the remaining 52% stake in Trader Media from private equity firm BC Partners, for £1.14bn. GMG is wholly-owned by the Scott Trust.