The Guardian Media Group (GMG), the publisher of the Guardian and the Observer newspapers, could sell off its Trader Media classified arm, in preparation for a strategic review of its non-national newspaper assests.

Executives confirmed yesterday that GMG would appoint financial advisers in the next few weeks to conduct the review. It was reported at the weekend that a number of investment banks had already been approached.

The review is said to be aimed at ‘de-risking’ GMG by cutting the group's exposure to classified print advertising revenues.

The company's Trader Media division is therefore seen as a possible candidate for sale, although executives insisted yesterday the group might well decide to retain what is a highly profitable business. Alternatively, it might decide to simply sell a small stake in the division.