Irish publisher to take over regional media group National World

Regional publisher National World will be sold to Irish publisher Media Concierge, after the two companies agreed a deal.
It means Media Concierge will become the third biggest regional publisher in the UK. The takeover values National World at £65m.
National World, publisher of the Yorkshire Post, the Scotsman, the Portsmouth News and other prominent titles, will now be owned by Neo Media Publishing Ltd, a wholly-owned subsidiary of Media Concierge.
Media Concierge is itself owned by advertising executive Malcolm Denmark, who also owns Mediaforce UK which until recently handled National World’s national advertising.
The new ownership says it does not intend to make “material job reductions in editorial or production areas” or shut local news brands, although there may be job cuts in back-office roles.
It also aims to shift the newly-formed company’s headquarters from Leeds to London – although the Leeds office will otherwise remain open.
The Stock Exchange update confirms: “The boards of directors of Media Concierge and National World plc announce that they have reached agreement on the terms and conditions of a recommended all-cash acquisition by Neo Media Publishing Ltd, a newly incorporated company wholly-owned by Media Concierge, for the entire issued, and to be issued, ordinary share capital of National World not already owned by Media Concierge.”
Media Concierge began its takeover bid with 28% of the shares in National World. It now has “irrevocable undertakings” relating to more than 127m shares, taking its total shareholding to 47.6%.
The Stock Exchange update adds: “In its capacity as the largest shareholder in National World, Media Concierge has considered various options to enhance the performance of the business and its value to all National World Shareholders, and ultimately concluded that this would be maximised by the acquisition.
“Media Concierge believes the acquisition provides a highly attractive opportunity for all National World Shareholders to realise their investment at a substantial premium in cash and with certainty, while allowing Media Concierge to make a long-term commitment to support the business in its future development.
“Media Concierge attaches great importance and value to the skills, experience and commitment of National World’s employees and believes they will be fundamental to maximising long-term success following the completion of the acquisition.
“Media Concierge does not intend to make material job reductions in editorial or production areas, which account for approximately two-thirds of National World employees, and does not intend to close down local news brands, instead intending to invest in the company’s editorial output.
“However, Media Concierge recognises there could be material job reductions in areas of overlap between National World and Media Concierge, arising from post-acquisition actions to drive efficiencies and achieve synergies between National World and Media Concierge.
“National World’s headquarters are currently located at its offices in Leeds.
“Media Concierge currently intends moving the head office function to London, but National World’s office in Leeds will otherwise remain open.”