JPI Media, the regional newspaper publisher, was acquired by National World, the media acquisition vehicle headed by industry veteran David Montgomery, for £ 10.2 million.
The acquisition of JPI, which publishes The Yorkshire Post, The Scotsman and hundreds of other titles, is scheduled to be completed by National World on Saturday, Jan. 2.
The acquisition of JPI is expected to provide a forum for the National World to pursue its policy of developing a sustainable model for local online news publishing, he said.
JPI generated an estimated £85 million in sales and £6 million in profit last year.
Since 2018, the regional newspaper company, formerly named Johnston Press, has been searching for a buyer and last year sold The I newspaper to Daily Mail owner DMGT for almost £ 50 million.
Mr. Montgomery, who was previously Chief Executive Officer of the Mirror Company, has been pursuing a JPI deal after an initial public offering was initiated last year by National World.
National World said it had financed the transaction from its cash resources and by selling bonds worth £ 8.4 million.
It added that, during January, it expects to issue additional bills.
“JPI’s historic publishing brands represent the best in journalism and have served their communities reliably and supported local businesses, sometimes for centuries, and never more than in the past year,” said Mr. Montgomery, President of National World.
National World will maintain this tradition and exploit new technology, focused on high-quality, original content, to expand the company more widely.
“I am pleased to announce the appointment of Mark Hollinshead as Chief Commercial Officer and welcome Daniel Cammiade to the Board,” he said.
“We have a highly experienced board with extensive knowledge of digital and print to deliver our transformative growth strategy.”