JPIMedia has been sold to National World, the company set up by former Local World boss David Montgomery.
The UK’s third largest regional publisher was taken over by the investment firm in a deal worth £10.2m on January 2.
JPIMedia CEO David King has said that the terms and conditions of employment for the company’s current staff are not affected by the sale.
The deal will affect 100 titles including the Yorkshire Post and Sheffield Star, Scottish titles The Scotsman and the Edinburgh Evening News as well as Belfast’s News Letter.
Details posted on the National World website say the acquisition cost is £10.2m, with £5.2m paid as the sale goes through, with the remainder by two further payments in March 2022 and March 2023.
A £6.5m capital fund will be provided by National World to JPI once the deal goes through.
National World also said Mark Hollinshead – former chief operating officer at Trinity Mirror – has been appointed chief commercial officer and Daniel Cammiade – formerly chief operating officer with JPIMedia forerunner Johnston Press and more recently chief executive at Tindle Newspapers – has been appointed as a non-executive director.
The sale marks the end of two years of uncertainty for JPI and its 100 titles after its former owner Johnston Press was placed into administration in November 2018.
JPIMedia had previously sold its printing business and national daily title the i to Daily Mail publisher DMGT in separate deals.
Outlining plans for the future of JPI, National World said the titles will provide a platform for the firm to implement its strategy of creating a sustainable local online news publishing model.
National World Chairman David Montgomery’s past ventures include Local World which in 2012 saw the merger of more than 100 regional titles including the Nottingham Post and Cambridge News from DMGT’s Northcliffe Media and Iliffe Media. Local World was later sold to Trinity Mirror for £220m in 2015.
Commenting on the acquisition David Montgomery said: “JPI’s historic publishing brands represent the best in journalism and have reliably served their communities and supported local businesses, in some cases for centuries, and never more than in the last year.
“National World will uphold this tradition and implement modern technology to grow the business across a wider footprint based on high quality, unique content.
“I am pleased with the appointment of Mark as Chief Commercial Officer and welcome Daniel to the Board. We have a very experienced Board with extensive knowledge in digital and print publishing to deliver our transformational strategy for growth.”