A former regional press boss touted as a potential bidder for JPIMedia has officially launched his new publishing business with a pledge to “jettison legacy systems and archaic industrial practices.”
A prospectus published in advance of National World beginning dealings on the FTSE describes the company as a “technology-driven news publishing business, which “aims to transform the sector through acquisition and partnership”.
Vijay, who left Trinity Mirror’s successor company Reach plc in February, will have an executive role with the new company alongside David, while Mark, Steve Barber and John Rowe will serve as non-executive directors.
They are likely to be going up against their former employers in the battle for JPIMedia with Reach having previously confirmed its interest in “certain” assets of the business.
The creation of National World is set to mark a second foray into news industry consolidation for David who created Local World in 2012 from the former Northcliffe Media and Iliffe News and Media groups.
The business was sold for £187.4m three years later to Trinity Mirror, netting investors a 260pc return.
The new company prospectus states: “National World’s strategy will involve consolidation and transformation of publishing by combining digital technology and innovation with traditional print assets to grow revenues by aggregation of audiences and reduce costs via shared services.
“The strategy is also designed to accommodate services provision to industry partners as an alternative to a transfer of ownership and may involve contractual or corporate joint ventures.”
“The company’s management has been working together to create a strong platform and is focussed on a number of targets for acquisition and/or commercial partnerships.
“Future acquisitions are likely to be financed by the issue of further equity and, where appropriate, utilising conservative levels of debt.”
David, who holds the title of executive chairman, said: “Our objective is to create a modern platform for news publishing by implementing a new operating model, powered by the latest technology.
“National World will jettison legacy systems and archaic industrial practices to create efficient dissemination of news, monetising it by matching content to audience.
“With the relevant technology embedded in National World it is intended to deploy these capabilities across news publishing assets, whether acquired by the company or via partnerships.”