Even a likely valuation of some £150m (down from its £665m purchase price in 2004) would be a pushover for DMGT whose balance sheet has £200m of net cash and is hungry for investment opportunities. Enter… David Montgomery There's no sign yet that Rupert Murdoch's News Corp is ready to participate in the current newspaper deals even though the company now has a substantially lower share of all-media than previously, without its former Sky TV network (bought by Comcast this year). DMGT could become a larger publisher of UK national dailies than News Corp. The auctions may be spiced by tabloid editor-turned-CEO David Montgomery who is said to be cashed-up and geared-up variously to bid for JPI, Archant and perhaps even the Evgeny Lebedev -owned (and deeply loss-making) London Live TV, and Newsquest. But could Montgomery's surprise move actually be to bid for Reach Plc ?