The National World board said it would unanimously recommend the deal, after Media Concierge agreed not to make material job losses across editorial and production teams.
In a statement, Media Concierge said: "Once National World ceases to be a listed company, a limited number of public company-related functions may become unnecessary and therefore be reduced in scope.
“However, Media Concierge has not yet developed any firm intentions in this regard.”
“No proposals have been developed as to how any such reduction will be implemented, but Media Concierge would approach any such plans in an open and transparent manner.”
“Media Concierge intends to invest in the company’s editorial output and preserve the nature of local journalism, and as a result does not intend to close down local newsbrand locations.”
National World will now be owned by Neo Media Publishing Ltd, a wholly-owned subsidiary of Media Concierge.
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