INDEPENDENT News & Media (INM) is to take full executive control of the Irish Daily Star, it has been revealed.
In a statement, the newspaper’s parent company Independent Star Limited said INM and Northern & Shell, which each control the business 50:50, have agreed that INM will assume full executive responsibility for the Irish Daily Star which will relocate to INM’s head office in Talbot Street, Dublin 1.
Gerry Lennon has been appointed managing director of Independent Star Limited in addition to his existing role as managing director of the Sunday World, while Gerard Colleran will return as Editor of the Irish Daily Star. These changes will occur with immediate effect while the planned office relocation will occur on a "phased basis by mid-year".
Mr Colleran was previously the editor of the Irish Daily Star from 1999 to until November 2011 when he became the company’s managing director.
"This is a very positive development for the future of the Irish Daily Star, but it is predicated on a wide ranging reorganization designed to deliver efficiencies and cost savings," said the company.
"These include: pay cuts for all staff, office relocation and associated overhead savings. It is envisaged that up to nine redundancies will come about from the first phase of its restructuring which will affect its circulation and advertising departments," Independent Star added.
Under INM’s management, Independent Star Limited will remain as a stand-alone entity, with a separate board and identity.