Veteran newspaper executive David Montgomery, 76, plans a ‘radical’ cost-cutting takeover of Mirror and Express newspapers, potentially cutting over 850 journalist jobs. His £400m “Project Glass” includes slashing journalists, leaning on AI, and acquiring other news brands like Yell – The Telegraph.

Montgomery’s bid for Reach, if successful, could involve £250m of equity and £150m of debt, with potential backing from Todd Boehly’s investment firm. Montgomery may use his own cash post his £65m buyout of National World. Reach faces dwindling ad revenue and has cut jobs amid declining share prices – The Telegraph.

Montgomery’s plan for Reach aims to save £65m annually and boost profits by 50%, transitioning the company into a digital marketing services giant with new revenue streams. The strategy includes expanding events, gaining subscribers, and transforming Reach into a profitable entity – The Telegraph.

Montgomery began his career as a journalist, rising to lead Mirror Group Newspapers and establish Local World. Despite declining to comment, Reach remains a target for Montgomery’s cost-cutting takeover bid. Montgomery dismisses takeover speculation, citing contractual obligations to National World – The Telegraph.

Read more at Yahoo Finance: Mirror and Express targeted for takeover that would sack a third of journalists