Leading UK media publisher National World is set to be acquired by London-based Media Concierge, a firm which already holds a 27.8 per cent stake in the group.聽
The all-cash deal will see Media Concierge acquire the remaining shares of National World for 23p per share, a cost totalling 拢65.1m, after approval from the High Court of London.聽
The takeover, which will be effective as of 27th May, had already been approved by the shareholders of Leeds-based National World and will see staff carry on in a 鈥榖usiness as usual鈥� manner, according to new boss Malcolm Denmark.
The news comes on the same day on which a 拢500m deal for The Telegraph was 鈥榓greed in principle鈥�.聽
National World, the third largest regional publisher in the UK, will delist from the London Stock Exchange on the day the takeover goes through.聽
鈥淎s we begin this new chapter together, I want to start by saying thank you,鈥� said Denmark in a letter published to his new staff.
鈥淭hank 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.
鈥淥ur 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.聽
鈥淔rom 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.
鈥淣ow, 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.聽
鈥淭he most important thing we can do right now is to give you the space and confidence to carry on – business as usual.
鈥淭his 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.聽
鈥淲e are not focused on short-term results. We take a longer-term view, built on relationships鈥攚hether with our teams, our readers, or our customers.
鈥淚n the weeks ahead, we will be reaching out to introduce ourselves and start the conversation. We鈥檙e keen to listen, to understand what鈥檚 working well, and to hear any thoughts you may have as we settle in.聽
鈥淥ur 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.鈥�
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