Newspaper executive David Montgomery is targeting a takeover ofThe Mirror, Daily Record and Express that would see more than 850 journalists losing their jobs.
Documents seen by The Telegraph reveal that Mr Montgomery, who recently relinquished ownership of The Scotsman, has revived his interest in acquiring Mirror group owner Reach.
His plan, known as Project Glass, involves a programme of “radical” cost-cutting that would mean more than a third of Reach’s 2,300-strong editorial workforce – and 100 employees in printing and production – would be made redundant.
The plan is said to have been outlined to investors and involves greater reliance on artificial intelligence to create “automated content gathering”.
There would also be cuts in HR and finance, while Reach’s commercial headcount would be increased by 40 roles. It proposes an acquisition spree of other news brands as well as Yell, the digital marketing and online directory business that was formed out of the Yellow Pages in 1996.
Three years ago Mr Montgomery mounted an unsuccessful takeover bid for Reach which owns local titles across the UK, including Manchester, Liverpool and Newcastle.
That approach came via National World, the newspaper group that owned The Scotsman, Falkirk Herald and Yorkshire Post.
He was ousted earlier this year after Media Concierge, led by Malcolm Denmark, the Irish newspaper tycoon and racehorse owner, acquired National World and took the business private.
Mr Montgomery had also mounted an unsuccessful bid for The Telegraph in a partnership with Chelsea FC’s American owner Todd Boehly.
The Telegraph reports that the same backers are ready to help bankroll a takeover of Reach with £250m of equity, alongside £150m of debt.
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