Autotrader suitors eye Guardian Media Group's stake A number of informal approaches are understood to have been made for Trader Media Group by private equity investors, whose interest was sparked after GMG held talks last month over a possible sale to co-owners, Apax Partners. Sources confirmed that preliminary enquiries have been made to GMG, which has not yet appointed advisers to look at a possible sale. Under the agreement between GMG and Apax, each partner has the right to buy the other out of TMG if they decide to sell. But while GMG is not said to be actively seeking a sale, it regards the stake in Trader Media Group's as an investment designed to safeguard the core newspaper business. GMG would be likely to put the proceeds of a sale into a lower-risk investment fund as part of a shift in its non-newspaper portfolio from business assets to financial investments. Mr Miller has already offloaded other non-core assets including GMG Radio and technology research firm Kable. GMG reported a pre-tax loss of £75.6m in the year to April 2012, from a £9m profit the year before. Trader Media Group's operating profit before exceptional items grew to £128.7m. GMG and for KKR both declined to comment. Bauer and Apax could not be reached for comment.