Montgomery helps 3i bag Trinity Mirror titles
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Trinity Mirror has sold its Northern Ireland newspapers to a private equity group advised by David Montgomery, the former chief executive of Mirror Group.
A group of seven titles, including Belfast's News Letter, was bought by 3i for £46.3m. The deal marks a return to the newspaper business for Mr Montgomery.
Mr Montgomery, who comes from Northern Ireland, will have an advisory role once the papers pass to 3i ownership, although he will not be involved in day-to-day management of the titles or have a seat on the new board that will now be established. He left national newspaper-owning Mirror Group around the time of its merger with the Trinity regional paper business in 1999.
Robin Marshall, a director of 3i, said the private equity house would now look for more titles north and south of the border in Ireland to add to its new paper business there.
"The dynamics of the Irish newspaper market and the general economy make it attractive for us," Mr Marshall said.
More newspapers are read per head in Northern Ireland than anywhere else in Europe. As well as the News Letter, a unionist paper first published in 1737, the titles acquired include the nationalist Derry Journal, and also the Donegal Democrat.
Trinity Mirror identified its Northern Irish papers as "non-core" when it announced the results of a group strategic review in July.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments