Latest news with #MediaConcierge
Edinburgh Reporter
23-05-2025
- Business
- Edinburgh Reporter
The Scotsman will have a new owner from next week
Regional publisher National World will be under new ownership from next week after the takeover by Media Concierge cleared its final legal hurdles. The takeover – which valued the group at £65million – will take effect on Tuesday 27 May after being given approval by the High Court in London yesterday. It will mean historic regional newsbrands such as The Yorkshire Post, The Scotsman and Portsmouth daily The News will have their fourth owner in the space of just over five years. In a message to staff at the publisher, Media Concierge boss Malcolm Denmark pledged that as a privately-owned business rather than a public company accountable to shareholders, it would not be focused on 'short-term results.' Malcolm Denmark Mr Denmark, pictured, said: 'As we begin this new chapter together, I want to start by saying thank you. Thank you for your hard work, your professionalism, and your continued commitment to delivering trusted local journalism. 'We know that the recent period, as the process of acquiring the business unfolded, brought a degree of uncertainty—but your focus and resilience have ensured that the work has gone on, and that does not go unnoticed. 'Our company, Media Concierge, has been a strong supporter of local and regional media for many years. In fact, we were the first and largest investor in National World. 'From the outset, we believed in the vision of building a sustainable and independent news business that serves communities across the UK. That belief has not changed. 'Now, as we move from investor to owner, our approach is straightforward. We want to support you in doing what you already do so well. You know your audiences, your titles, and your communities. The most important thing we can do right now is to give you the space and confidence to carry on—business as usual. 'This change of ownership also means National World will become a privately owned, independent business. We are a family-owned company, and that gives us a different perspective. We are not focused on short-term results. We take a longer-term view, built on relationships—whether with our teams, our readers, or our customers. 'In the weeks ahead, we will be reaching out to introduce ourselves and start the conversation. We're keen to listen, to understand what's working well, and to hear any thoughts you may have as we settle in. Our aim is to support you in the most practical and helpful way we can. 'We are excited about what lies ahead and confident that, together, we can build something of real and lasting value.' Earlier Mr Denmark had welcomed the decision of the High Court in London to approve the Scheme of Arrangement giving effect to its acquisition of National World. The takeover had already been approved by National World shareholders but had been awaiting final regulatory approval from the Irish government and the UK courts. Mr Denmark said: 'The formal approval of the transaction marks the final step in the process, and we are pleased to be moving forward. National World is home to some of the UK's most respected and long-established regional media, and we believe there is significant potential for growth and renewal with the right focus and investment. 'As a long-term investor in the business, and with extensive experience managing local and regional news brands in Ireland, we understand both the challenges and the value of high-quality, community-based journalism. 'We greatly appreciate the dedication and professionalism shown by National World's teams throughout this period. Their commitment has ensured the business remains on a strong operational footing. 'We now look forward to working together to support and strengthen the business in what we believe can be an exciting new chapter.' National World – headed by David Montgomery – was created after its purchase of the former Johnston Press/JPI Media titles for £10.2m in 2020. Mr Montgomery had hoped to remain in control of the company with the help of Chelsea owner Todd Boehly, but the latter pulled out of a potential rival bid for the company last week. This article was first published on Hold The Front Page here and is republished with the permission of Hold The Front Page a fellow member of the Independent Community News Network (ICNN). Paul Linford This author does not have any more posts. Like this: Like Related
The National
22-05-2025
- Business
- The National
High Court approves takeover of Scotsman owner National World
Media Concierge, which owns a number of Irish publications, already has 27.8% of National World's shares. It offered to pay £65.1 million for the remainder, which represents a 53.3% premium to National World's closing share price from November 21 2024, the last business day before the beginning of the offer period. The shares will be transferred at 23p each to Neo Media Publishing, a vehicle for Media Concierge to receive them. READ MORE: Labour admit 'not a penny' of £200m Grangemouth rescue fund spent so far National World's directors, who oversee a number of historic UK publications including the Yorkshire Post and the Scotsman, have backed the transfer, the company's lawyer Andrew Thornton KC said at a hearing on Thursday. In written submissions, Thornton said the directors gave 'irrevocable undertakings to support the scheme'. He also said that at a meeting in London on February 13, 'no scheme shareholders asked any questions or raised objections'. A total of 26 of the 77 scheme shareholders attended the meeting, representing 67.9% of the total value of National World's shares, with 25 voting in favour. Thornton added that trading in National World's shares has been illiquid, meaning they are difficult to sell without a loss in value. The company therefore 'concluded that the scheme presents an attractive opportunity for the shareholders to realise their holdings'. The barrister continued: 'The directors of the company have confidence in the company's continuing ability to succeed as an independent business.' In approving the scheme, Justice Hildyard said: 'I consider that this scheme can and should be sanctioned. I say order.' After the hearing, Media Concierge welcomed the High Court decision and confirmed that the formal transfer of ownership will take place on May 27. Malcolm Denmark, Media Concierge's chief executive, said: 'The formal approval of the transaction marks the final step in the process, and we are pleased to be moving forward. 'National World is home to some of the UK's most respected and long-established regional media, and we believe there is significant potential for growth and renewal with the right focus and investment. 'As a long-term investor in the business, and with extensive experience managing local and regional news brands in Ireland, we understand both the challenges and the value of high-quality, community-based journalism. 'We greatly appreciate the dedication and professionalism shown by National World's teams throughout this period. 'Their commitment has ensured the business remains on a strong operational footing. 'We now look forward to working together to support and strengthen the business in what we believe can be an exciting new chapter.'
The Independent
15-05-2025
- Business
- The Independent
Chelsea owner Boehly pulls out of move to buy Scotsman owner National World
Chelsea FC owner Todd Boehly's investment vehicle has backed out of a potential deal to buy newspaper group National World. Mr Boehly's Eldridge Media Holdings (EMH) business said in March that it was considering a takeover deal for the Scotsman and Yorkshire Post owner. However, shortly before a regulatory deadline on Thursday evening, his firm confirmed it has now withdrawn from the process. 'EMH confirms that, following careful consideration, it does not intend to make an offer for National World,' the group told the stock market. The announcement appears to clear the way for Media Concierge, a major shareholder in National World, to buy the business. Eldridge's interest came only a week after Media Concierge, which runs a raft of local newspapers in Ireland as well as direct mail and advertising operations, had secured approval for a £65.1 million takeover of National World. Shareholders had voted in favour of the process before Mr Boehly indicated he could put forward a rival proposal. The withdrawal also raises questions over Mr Boehly's recent pursuit of the Telegraph newspaper group. Eldridge reportedly held talks with National World executive chairman, and former Mirror Group boss, David Montgomery, over a move to buy the Telegraph and combine it with National World. Abu Dhabi-based RedBird IMI has been trying to sell the Telegraph Media Group business after its original takeover of the firm was blocked by UK legislators. In October, the seller announced that owner of The New York Sun, Dovid Efune, entered exclusive talks to buy the Telegraph in a deal worth around £550 million. However, RedBird IMI is understood to now be considering a variety of potential deals, including Mr Efune, amid difficulties from the proposed buyer to secure financing quickly.
