DAVID MONTGOMERY, the former Mirror Group Newspapers chief executive, will tomorrow reaffirm his intention to acquire major European media assets by securing a $75m (£43m) investment package from a little-known American hedge fund.

Montgomery, who floated his investment vehicle, Mecom, on the Alternative Investment Market, earlier this year, raising £45m, will announce to the stock exchange that he has brought further investment on board ahead of what is expected to be a significant buying spree.

Och-Ziff Capital Management, the American hedge fund that backed Malcolm Glazer’s recent takeover of Manchester United, has already pledged up to $100m to co-invest in deals with Montgomery.

The former News of the World editor is understood to be focusing on newspaper businesses outside the UK, although industry speculation continues to link him with a break-up bid for Scottish Media Group (SMG).

Montgomery is understood to have held informal talks with John McCann, the chief executive of UTV in Ulster, within the past few weeks, about a number of media companies, including SMG.

UTV, which recently acquired Talksport owner The Wireless Group, would be interested in buying SMG’s Scottish ITV franchises, and possibly Virgin Radio.

However, a source close to Montgomery said this weekend that a break-up bid for SMG was “not live at the moment”.

Montgomery would also love to get his hands on Trinity Mirror’s national newspaper business, which he ran between 1992 and 1999.

Although Trinity Mirror has repeatedly insisted that the Daily Mirror and its Sunday sister title are not for sale, a firm bid backed by Montgomery would test the company’s resolve.

Montgomery was unavailable for comment this weekend.

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