Yesterday (22 May) the High Court in London approved the scheme of arrangement for the £65m takeover by Media Concierge entity Neo Media Publishing, which had already been approved by National World’s shareholders.
Media Concierge CEO Malcolm Denmark thanked National World employees for their dedication and professionalism during the takeover period.
He commented: “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.”
In a message to National World employees, Denmark hailed the deal as a new chapter for the group.
He wrote: “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.”
He said that as a private, family-owned group Media Concierge was able to take a longer-term view rather than be focused on short-term results.
“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.”
A fresh leadership team is yet to be announced, with National World’s current board including founder David Montgomery, expected to depart when the deal completes and the PLC delists.
National World owns a raft of regional news brands, including the Yorkshire Post, The Scotsman and Insider Media.
In the year to 28 December 2024 National World had sales of £96m and made an operating profit of £4.2m.
A potential rival offer from Eldridge Media Holdings did not materialise.
Media Concierge offers media buying and direct marketing services with a focus on local media. Its operations include The Insert Company and The Leaflet Company.
The group’s Mediaforce operation used to be National World’s advertising agency sales partner, before the two firms fell out and National World appointed Reach as its new sales partner.
It also owns Dublin-based Iconic Media Group, which publishes regional newspapers and has 19 local websites in Ireland.
Media Concierge had sales of £113.3m in the year to 30 September 2023 and made a pre-tax profit of £9.1m.
