Newspaper executive David Montgomery and Fleet Street publisher Trinity Mirror are preparing to meet City investors within weeks to present their takeover plans for Richard Desmond’s print titles.
It emerged that Trinity and Montgomery, who has established a company called National World for the bid, were collaborating on a deal in January.
City A.M. understands the parties, which declined to comment, are in the process of drawing up a business plan for investor presentations likely to be made in April.
Trinity, which owns the Daily Mirror, Sunday Mirror, Sunday People and a number of regional titles, has signed up to an exclusivity agreement with Montgomery, meaning it is set to be the only publisher in on the deal.
With Trinity agreeing to take a minority stake, Montgomery is facing the challenge of convincing the City financiers to invest in newspapers and magazines a tough time for the industry.
Montgomery’s former venture, Local World, teamed up with Trinity to acquire DMGT’s Northcliffe Media regional newspapers in 2012. In 2015, Trinity Mirror acquired the 80 per cent of the company it did not already own.
The parties are aiming to acquire all of Desmond’s print titles: the Daily Express, Sunday Express, Daily Star and Daily Star Sunday, as well as magazines OK, New and Star.
Trinity Mirror and Montgomery declined to comment. Northern and Shell has been asked for comment.