The New European bought by consortium of media veterans
A consortium of media executives including former BBC director general Mark Thompson and ex-Financial Times editor Lionel Barber have led a buyout of weekly magazine the New European.
The anti-Brexit title, founded in the aftermath of the referendum in 2016 on an initial four-week print run, was owned by regional publisher Archant.
The takeover is being led by Archant chief content officer and former Daily Mirror executive Matt Kelly, who is stepping down from the Norwich-based company to become chief executive and editor-in-chief of the New European.
In addition to Barber and Thompson, who most recently enjoyed a successful run as chief executive of the New York Times, the buyout group includes former Independent News & Media boss Gavin O’Reilly. He will take up the role of executive chairman.
The 14-strong group of backers also includes big names from venture capital and tech, including Transferwise founder Taavet Hinrikus and former Index Ventures partner Robin Klein.
The change of ownership will mark a new chapter for the New European, which has carved out a small but loyal readership through its vocal opposition to Brexit.
The title has a subscription and newsstand circulation totalling roughly 17,000 per week, according to the BBC, which first reported the deal.
Its editorial budget of £6,500 per issue will immediately rise by 50 per cent, while Archant will no longer take on any of the overhead costs.
The new owners project a loss this year but are aiming to turn a profit in 2022.
Other backers of the takeover include Edelman executive Ed Williams, ex-McKinsey partner Cornelius Walter and entrepreneur Niels Kroninger.