According to the FT, Crispin Odey is set to invest in a new venture called Local World, which would own more than 100 local newspapers across the UK. The move marks a long-awaited consolidation of regional press.
From the FT:
Local World, Mr Odey said, would seek to buy newspapers from other groups and then proceed to cut costs, centralise key functions, and revitalise the titles both in print and online.
“It’s not dissimilar from when United Distillers [the Scottish whiskey group now part of Diageo] was formed in the 30s and allowed individual distillers to sell into a conglomerate that basically dealt with everything,” he said.