Other bidders drop out
Montgomery invited to join bid talks for The Scotsman
The Scotsman’s future still uncertain
National newspaper veteran David Montgomery has become the most likely buyer of The Scotsman and 200 other newspaper titles after two other contenders dropped out.
Mr Montgomery, former editor of the Daily Mirror and defunct News of the World, has been invited to talks with JPI Media – formed to take control of the titles owned by Johnston Press following its fall into administration last year.
On Friday, JPI announced it had sold its flagship national newspaper the ‘i’ to the owner of the Daily Mail for nearly £50 million.
Mr Montgomery announced in August that he would use his National World group as a vehicle to take a stake in British media. He is now in pole position to acquire the remaining JPIMedia titles after Mirror owner Reach pulled out on Friday morning. It later emerged that Newsquest, owner of The Herald, had also cooled on a bid.
JPIMedia’s search for a buyer may have come at the wrong time for Newsquest whose US-based owner Gannett has been taken over by rival New Media Investments Group, creating the biggest provider of news in the US.
One source said the US owners thought it was not a good time to be doing deals in the UK.