The Guardian Media Group's decision to sell its regional newspaper business to Trinity Mirror has left the media community trying to determine which side has got the best deal and what new ownership means for newspapers including the Manchester Evening News.

The relatively modest value of the deal also raises questions about the true worth of a beleaguered regional press market. As Manchester PR man Rob Brown pointed out on Twitter: “If you think ï¿¡44.8m for the Manchester Evening News is a lot, bear in mind the Nottingham Evening Post was sold for ï¿¡93m in 1994.”

Significantly, only ï¿¡7.4m cash will change hands. The remaining ï¿¡37.4m value of the deal is the worth of a print contract that GMG has been released from by Trinity Mirror.

So has Trinity picked up a bargain, or has it instead acquired a regional newspaper portfolio that is a shadow of its former glory?

The media analyst Jim Chisholm, who has advised the Newspaper Association of America, told The Drum it was “a great deal for Trinity Mirror” but not such a great reflection of the way the regional print industry is today viewed.

He said: “With a valuation of £44.8m it is a tragic reflection of the unjustified lack of confidence in the industry. On ratio versus turnover it is extraordinarily low at 50%, against what was a norm of 3.2 three years ago. But profits at MEN regional have fallen from 14% in 2008, to 0.5% in in 2009, where the regional newspaper industry norm was 11.3%. Of course there may be pension gremlins lurking in there.

"Trinity Mirror will be able to extract some fabulous synergies out of this, and their ability to find sensible efficiencies is one of the reasons why they are performing better than the other groups currently.

"In addition being the lead player in another of England’s biggest regional markets, with a strong presence in London, makes for fantastic digital and national advertising opportunities.”

But if Trinity can see opportunities for the regional business, why was GMG so keen to sell it off?

Mick Style, the managing director of Manchester media buyer Mediaedge:cia, said the deal is about "consolidation" for Trinity, and for GMG it a case of unburdening itself from the regional market to concentrate on its fundamental challenge of maintaining the existence of the Guardian.

He said: “GMG had got to a position where their cost base, up until 18 months ago, was sustainable. I think in a very short space of time – with revenue streams from property, jobs, retail and so on taking hammering with the recession - their cost base has become unsustainable, so I think that would have provoked the decision to sell.

"As [GMG chief executive] Carolyn McCall said, the Scott Trust's and ultimately GMG's sole reason for existing is to maintain the existence of the Guardian. So I think they had to do something to stem the losses from that business and support the Guardian. That's another issue in itself because the Guardian is losing money on a daily basis, so they're in quite a tough position all round.”

Style added that Trinity has acquired “some strong titles” in regions, especially the north west, where it already has a notable presence. (Trinity owns the Liverpool Post and Echo, and weeklies in Cheshire and Merseyside.) “It allows them to offer more of a volume sell if you like,” he said.

The saturation of Trinity titles in the north west led the National Union of Journalists to express concern that the dominance could be damaging to the integrity of the regional press as whole.

NUJ deputy general secretary Michelle Stanistreet said: "The move by Trinity Mirror has implications for the future ownership of local media across the UK, as major publishers weigh their chances of swallowing up what remains of independent publishing in Britain.

"The concerns for diversity of information and media in the north west are an immediate issue which we will be raising with the Department of Business Innovation and Skills. Trinity Mirror already publishes the Liverpool Post and Echo titles, in addition to a substantial stable of weekly papers across Cheshire and Merseyside. Now it will also control the prestigious Manchester Evening News, which has a series of titles in the region. This all raises issues of editorial independence which should be of concern to government and community leaders as well as the media industry.”

Whatever the long-term and far-reaching implications of the deal, there is likely to be an immediate impact on the newspapers involved. It has already been confirmed by Trinity Mirror that MEN staff will relocate from their current Spinningfields base in central Manchester to Oldham. Commentators speculate about job cuts but the NUJ said it was "determined that the jobs and conditions of current employees will be fully protected".

Paper round-up: what Trinity has acquired

Trinity Mirror has acquired GMG Regional Media, which is formed of two operating businesses. They are: MEN Media, which publishes 22 titles in the north west of England, including the Manchester Evening News and Metro; and S&B Media, which publishes 10 titles in the south, including the Surrey Advertiser and Reading Post.