Why Monty's European ventures make sense

David Montgomery's negotiations to acquire the Nordic newspaper chain, Orkla Media, could be part of a shrewd pan-European strategy, suggests Peter Preston in The Observer. There are hundreds of newspapers still in the hands of families or small groups eager to sell where cost-cutting, by Montgomery's Mecom investment fund vehicle for example, could yield instant dividends. The Sunday Times appears to agree, reporting that Monty is aiming to raise £300m from investors in order to cement "his new status as one of Europe's biggest regional newspaper barons". But Norway's culture minister, Trond Giske, is not so enamoured with the deal. "I don't think Orkla demonstrates social responsibility when they choose to sell to Mecom," Giske said. (Via theguardian.com)