Regional publisher National World is to be sold to Irish publisher Media Concierge after the boards of the two companies reached a deal.

Media Concierge, already the biggest local news publisher in the Republic, will become the third biggest regional publisher in the UK with the takeover which values National World at £65m.

National World, publisher of The Scotsman, the Yorkshire Post, the Portsmouth News and numerous other leading titles, will now be owned by Neo Media Publishing Ltd, a wholly-owned subsidiary of Media Concierge.

Media Concierge is itself owned by advertising executive Malcolm Denmark, pictured, who also owns Mediaforce UK which until recently handled National World’s national advertising.

The new ownership has already given an undertaking that it does not intend to make “material job reductions in editorial or production areas” or close down local newsbrands, although there may be some job losses in back-office roles.

It also intends to move the newly-formed company’s headquarters from Leeds to London although the Leeds office will remain open.

Wednesday’s Stock Exchange announcement stated: “The boards of directors of Media Concierge and National World plc announce that they have reached agreement on the terms and conditions of a recommended all-cash acquisition by Neo Media Publishing Limited, a newly incorporated company wholly-owned by Media Concierge, for the entire issued, and to be issued, ordinary share capital of National World not already owned by Media Concierge.”

Media Concierge began the takeover battle with 28pc of the shares in National World and now has “irrevocable undertakings” relating to more than 127m shares, bringing its total shareholding to 47.6pc.

The announcement continued: “In its capacity as the largest shareholder in National World, Media Concierge has considered various options to enhance the performance of the business and its value to all National World Shareholders, and ultimately concluded that this would be maximised by the acquisition.

“Media Concierge believes the acquisition provides a highly attractive opportunity for all National World Shareholders to realise their investment at a substantial premium in cash and with certainty, while allowing Media Concierge to make a long-term commitment to support the business in its future development.”

While the National World board, headed by executive chairman David Montgomery, believe it could continue to grow as an independent business, it has decided to recommend Media Concierge’s 23p-a-share offer on financial advice.

“Accordingly, the National World Board intends to recommend unanimously that National World Shareholders vote or procure votes in favour of the Scheme,” the announcement states.

It went on: “Media Concierge attaches great importance and value to the skills, experience and commitment of National World’s employees and believes that they will be fundamental to maximising long-term success following the completion of the Acquisition.

“Media Concierge notes the National World management’s existing cost saving efforts and job reduction plans and highlights that Media Concierge is committed to reinforcing the core competency of the business: the provision of local news to local and regional communities.

“As a result, Media Concierge does not intend to make material job reductions in editorial or production areas, which account for approximately two-thirds of National World employees, and does not intend to close down local newsbrands, instead intending to invest in the Company’s editorial output.

“However, Media Concierge recognises that there could be material job reductions in areas of overlap between National World and Media Concierge, arising from post-acquisition actions to drive efficiencies and achieve synergies between National World and Media Concierge.

“No proposals have been developed as to how any such reduction will be implemented, but Media Concierge would approach any such plans in an open and transparent manner and would work with the National World management team to develop the proposals with the aim of maintaining operational momentum and retaining and motivating the best talent across the Company.

“National World’s headquarters are currently located at its offices in Leeds. Media Concierge currently intends moving the head office function to London, but National World’s office in Leeds will otherwise remain open.”

The National Union of Journalists has said the promises made by Media Concierge on jobs cuts and investment now need to be backed up with concrete actions to ensure the survival of quality local journalism.

The union said it will be seeking talks with the new management at the earliest opportunity to ensure a positive working relationship.

It said that since National World took over the former JPI Media in December 2020, around a quarter of journalism jobs across the business have been cut, with remaining journalists reporting that they are overworked and stressed.

In July 2023 NUJ members at the 16 chapels representing National World journalists said Mr Montgomery had “lost the confidence of hundreds of journalists”

An NUJ spokesperson said: “David Montgomery’s tenure saw already hard-working journalists pushed to even higher levels of stress from constant cuts and overwork.

“But our members will want to see more than words and promises from the new owners, with proper investment in newsrooms, and a commitment for real and meaningful consultation with the NUJ.”