Friday 24 November 2017

The Irish Times joins Crosbies in 'Post' bid

Tom Lyons

The Crosbie family, the Cork media tycoons, submitted a bid to buy The Sunday Business Post on Friday in a proposal that may later see them form a joint-venture with The Irish Times.

Landmark Media Investments, owned by Thomas and Ted Crosbie, submitted a basic proposal to buy the paper, including funding facilities to the newspaper's examiner on Good Friday, as did other potential bidders.

Landmark's proposal does not explicitly mention The Irish Times, but it is expected to form a joint venture with the newspaper and printing company if it succeeds.

The behind-the-scenes move by The Irish Times would, after decades of procrastination, bring the title into the Sunday newspaper market –albeit indirectly.

About eight bidders for the Post will be whittled down to three or four by examiner Grant Thornton in the next two weeks ahead of a formal bidding process. Any investor will also need to stump up for a redundancy programme for some of its 70-plus staff.

Liam Kavanagh, managing director of The Irish Times, did not return calls for comment. Landmark also declined to comment.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business