A content chief has left a regional publisher after completing a management buyout of one of its flagship newspapers.
Matt, pictured, has been joined in the purchase of TNE by a consortium of investors including former New York Times chief executive Mark Thompson and former Financial Times editor Lionel Barber.
Matt will serve as CEO and editor-in-chief of TNE, while former Independent News & Media CEO Gavin O’Reilly will be executive chairman.
Amol described the roster of investors as “impressive”, adding: “None of them will expect TNE to make them rich. This must be a passion project for them.
“Nevertheless, at a time of structural decline in the print market, and Covid-19 leading to further falls in circulation and advertising, profit remains the only guarantee of true independence.
“Can The New European be profitable? Yes – but not immediately. And not in a big way – that is, it won’t make several million each year – unless people pay for it online.
“TNE currently more than washes its face, making £80,000 as a standalone business. But that is based on a shoestring editorial budget of £6,500 per issue, with some costs absorbed by Archant and only three members of staff, including editor Jasper Copping and digital editor Jono Read.
“That editorial budget will rise by 50 per cent immediately; and Archant will no longer foot the bill for overheads.”
Archant has confirmed the deal, but declined to comment further when approached by HTFP.