Regional media group National World receives final offer from Irish investor
Irish media group Media Concierge have made a 23p per share offer for regional newspaper business, National World, valuing the business at over £61m.
In a statement to the stock market this morning National World’s board said it “would be minded to recommend” the proposal if a firm offer was made.
Media Concierge is owned by Malcolm Denmark also the owner of Mediaforce UK, which until recently handled National World’s national advertising.
Dublin-headquartered Media Concierge currently owns 28% of National World and was a founding backer of National World when it was first set up in 2020 was formed by industry veteran David Montgomery to acquire former Johnston Press titles, including the Lancashire Evening Post, Yorkshire Post, The Scotsman.
As well as running direct mail and advertising businesses Media Concierge also owns newspapers in Ireland including the Derry News.
Media Concierge’s bid is for the 72.2% of National World it does not already own, but comes on the back of an acrimonious dispute between the two parties.
The businesses have now called a temporary halt to legal proceedings relating to an investigation into financial “irregularities” and a commercial dispute National World described in a statement as “a potentially systemic pattern of historical invoicing irregularities in relation to the activities of entities affiliated with Media Concierge”.
In November, National World went on to claim that “entities affiliated with Media Concierge are currently inappropriately withholding revenues due to [National World] totalling £4.4 million”.
