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A consortium that represents a who’s who in media, including former Independent News & Media chief executive Gavin O’Reilly, has acquired the weekly print title The New European.
Well-known Irish investor Barry Maloney, who leads Balderton Capital, whose notable investments include Bebo and Setanta Sports, is also involved in the group as are former Financial Times editor Lionel Barber and ex-New York Times chief executive and former BBC director general, Mark Thompson.
Others named as backers include former Daily Mirror executive Matt Kelly, who led fundraising for the venture and will serve as chief executive and editor-in-chief of the New European. Mr O’Reilly will be its executive chairman.
Details of the acquisition were revealed by the BBC, which said it had bought the publication from publishing group Archant. No financial details have been disclosed but the Financial Times said about £750,000 has been raised by the consortium for the acquisition.
A number of angel investors from the tech world are also reportedly backing the consortium, including TransferWise founder Taavet Hinrikus.
The New European was founded in 2016 in the aftermath of the Brexit vote as a pro-EU voice in the British media. It currently has 10,000 subscribers and 7,000 news-stands sales, according to the BBC.
The publication is expected to return a profit for the first time in 2022.