David Montgomery (newspaper executive)
Encyclopedia
David Montgomery is a British newspaper editor, executive, proprietor and media investor.
Montgomery was born in Northern Ireland
, and attended Down High School
and Queen's University
in Belfast
where he studied history and politics and edited the student magazine The Gown.
In 1973 he joined the staff on the Daily Mirror, one of the UK
's large-circulation tabloids. He became chief sub-editor in 1978. two years later he moved over to the rival publication, The Sun
.
Montgomery was later editor
of News of the World
from 1985 to 1987. He then became director of News (UK) Limited, a subsidiary of News International
owned by Rupert Murdoch
's News Corporation
.
Between 1992 and 1999 he served as chief executive of Mirror Group plc—publishers of the Daily Mirror and other national titles and a range of regional titles—following the death of its previous owner Robert Maxwell
in 1991. During his tenure as Mirror Group CEO Montgomery oversaw a number of changes, including taking a stake in The Independent
and its sister-paper The Independent on Sunday.
Early in 1999 Montgomery stepped down from the Mirror Group CEO role after some well-publicised running disagreements with the boardroom and the non-executive chairman Sir Victor Blank
, and after a period for the company described by some commentators as "crisis-hit".
In 2000 Montgomery founded Mecom Group
, a London-based investment company
that would specialise in mergers and acquisitions
of newspaper
and media
companies in continental Europe
. Mecom embarked on a series of European magazine and newspaper acquisition deals, including the 2005 purchase of Berliner Verlag, publisher of Berliner Zeitung
and Berliner Kurier
. The acquisition was made in partnership with the American private equity firm
and media broker Veronis Suhler Stevenson
, part-financed with credit loans. Montgomery and his equity partners thereby became the first foreign owners of a German
publishing group. The sale generated a degree of controversy among some German media observers, with a number of journalists and staff at Berliner Verlag's titles protesting the sale and voicing concerns over the direction the new shareholders would take the publications.
Montgomery was born in Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
, and attended Down High School
Down High School
'Down High School, also called DHS and Down High Grammar School, is a controlled co-educational Grammar School located in Downpatrick, County Down, Northern Ireland...
and Queen's University
Queen's University
Queen's University, , is a public research university located in Kingston, Ontario, Canada. Founded on 16 October 1841, the university pre-dates the founding of Canada by 26 years. Queen's holds more more than of land throughout Ontario as well as Herstmonceux Castle in East Sussex, England...
in Belfast
Belfast
Belfast is the capital of and largest city in Northern Ireland. By population, it is the 14th biggest city in the United Kingdom and second biggest on the island of Ireland . It is the seat of the devolved government and legislative Northern Ireland Assembly...
where he studied history and politics and edited the student magazine The Gown.
In 1973 he joined the staff on the Daily Mirror, one of the UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
's large-circulation tabloids. He became chief sub-editor in 1978. two years later he moved over to the rival publication, The Sun
The Sun (newspaper)
The Sun is a daily national tabloid newspaper published in the United Kingdom and owned by News Corporation. Sister editions are published in Glasgow and Dublin...
.
Montgomery was later editor
Editor in chief
An editor-in-chief is a publication's primary editor, having final responsibility for the operations and policies. Additionally, the editor-in-chief is held accountable for delegating tasks to staff members as well as keeping up with the time it takes them to complete their task...
of News of the World
News of the World
The News of the World was a national red top newspaper published in the United Kingdom from 1843 to 2011. It was at one time the biggest selling English language newspaper in the world, and at closure still had one of the highest English language circulations...
from 1985 to 1987. He then became director of News (UK) Limited, a subsidiary of News International
News International
News International Ltd is the United Kingdom newspaper publishing division of News Corporation. Until June 2002, it was called News International plc....
owned by Rupert Murdoch
Rupert Murdoch
Keith Rupert Murdoch, AC, KSG is an Australian-American business magnate. He is the founder and Chairman and CEO of , the world's second-largest media conglomerate....
's News Corporation
News Corporation
News Corporation or News Corp. is an American multinational media conglomerate. It is the world's second-largest media conglomerate as of 2011 in terms of revenue, and the world's third largest in entertainment as of 2009, although the BBC remains the world's largest broadcaster...
.
Between 1992 and 1999 he served as chief executive of Mirror Group plc—publishers of the Daily Mirror and other national titles and a range of regional titles—following the death of its previous owner Robert Maxwell
Robert Maxwell
Ian Robert Maxwell MC was a Czechoslovakian-born British media proprietor and former Member of Parliament , who rose from poverty to build an extensive publishing empire...
in 1991. During his tenure as Mirror Group CEO Montgomery oversaw a number of changes, including taking a stake in The Independent
The Independent
The Independent is a British national morning newspaper published in London by Independent Print Limited, owned by Alexander Lebedev since 2010. It is nicknamed the Indy, while the Sunday edition, The Independent on Sunday, is the Sindy. Launched in 1986, it is one of the youngest UK national daily...
and its sister-paper The Independent on Sunday.
Early in 1999 Montgomery stepped down from the Mirror Group CEO role after some well-publicised running disagreements with the boardroom and the non-executive chairman Sir Victor Blank
Victor Blank
Sir Maurice Victor Blank, FRCOG is a prominent British businessman.-Background:Born in 1942, he was educated at Stockport Grammar School and then studied Modern History at St. Catherine's College, Oxford....
, and after a period for the company described by some commentators as "crisis-hit".
In 2000 Montgomery founded Mecom Group
Mecom Group
Mecom Group plc is a newspaper publishing company headquartered in London, United Kingdom.It is listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until 22 December 2008, when it became one of three media companies to fall out of the index.-History:The company was...
, a London-based investment company
Investment company
An investment company is a company whose main business is holding securities of other companies purely for investment purposes. The investment company invests money on behalf of its shareholders who in turn share in the profits and losses....
that would specialise in mergers and acquisitions
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
of newspaper
Newspaper
A newspaper is a scheduled publication containing news of current events, informative articles, diverse features and advertising. It usually is printed on relatively inexpensive, low-grade paper such as newsprint. By 2007, there were 6580 daily newspapers in the world selling 395 million copies a...
and media
Mass media
Mass media refers collectively to all media technologies which are intended to reach a large audience via mass communication. Broadcast media transmit their information electronically and comprise of television, film and radio, movies, CDs, DVDs and some other gadgets like cameras or video consoles...
companies in continental Europe
Continental Europe
Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands....
. Mecom embarked on a series of European magazine and newspaper acquisition deals, including the 2005 purchase of Berliner Verlag, publisher of Berliner Zeitung
Berliner Zeitung
The Berliner Zeitung, founded in 1945, is a German center-left daily newspaper based in Berlin, published by Berliner Verlag. It is the only East German paper to achieve national prominence since unification. In 2003, the Berliner was Berlin's largest subscription newspaper—the weekend...
and Berliner Kurier
Berliner Kurier
The Berliner Kurier is a regional, daily newspaper published by the Berliner Verlag GmbH for the Berlin metropolitan area in Germany....
. The acquisition was made in partnership with the American private equity firm
Private equity firm
A private equity firm is an investment manager that makes investments in the private equity of operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital, and growth capital...
and media broker Veronis Suhler Stevenson
Veronis Suhler Stevenson
Veronis Suhler Stevenson, or VSS is a private equity firm whose investments are exclusively concentrated in the Media industry and related sectors including information, education, marketing services and business services...
, part-financed with credit loans. Montgomery and his equity partners thereby became the first foreign owners of a German
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
publishing group. The sale generated a degree of controversy among some German media observers, with a number of journalists and staff at Berliner Verlag's titles protesting the sale and voicing concerns over the direction the new shareholders would take the publications.