Mecom, which is in the process of completing the €895m acquisition of Orkla Media — owner of newspapers in six European countries — is planning to rationalise its fast-growing stable of titles.
Following a flurry of deals on the Continent, Mecom now owns stakes in newspapers such as Poland’s Rzeczpospolita and the Swedish daily Norrlandska Social Demokraten. Montgomery is keen to buy out fellow shareholders in the titles or dispose of Mecom’s stake.
Mecom’s business plan is focused on improving the operating performance at its newspapers, which now include Dagblad De Limburger in the Netherlands and Germany’s Hamburger Morgenpost.
Although Montgomery’s takeover deals have in some cases prompted fierce local opposition from journalists, investors have warmed to his aim of becoming Europe’s biggest regional-newspaper baron.
Two years ago, Montgomery, who comes from Northern Ireland, advised 3i, the private- equity group, on the acquisition of Local Press, an Irish newspaper group.