Iconic agrees deal to acquire River Media
Iconic Newspapers, the publisher behind titles such as the Leinster Leader and Dundalk Democrat, has agreed to acquire the River Media group for an undisclosed sum.
River Media is made up of seven regional titles including the Kildare Post and Donegal Post and is owned by the Irish News, the Belfast-based daily newspaper. The deal is subject to approval by the Competition and Consumer Protection Commission.
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A spokesman for River Media told the Sunday Independent that shareholders had been "supporting the business in recent times" and that the transfer to Iconic was in the "best interests of the company and the people". He also said that the deal will "preserve titles and jobs".
In addition to the Kildare Post and Donegal Post, River also owns Derry News, the County Derry Post, the Letterkenny Post, the Inish Times and the Finn Valley Post.
Iconic is owned by Malcolm Denmark, the founder of London-based marketing agency Mediaforce. Sources said that Denmark briefed staff in one of the River Media offices in recent days.
River Media went into receivership in 2011 before reaching a restructuring agreement with First Trust Bank.
In 2009 it racked up €1.7m in losses, adding on to the €3.3m deficit from 2008.
Sunday Indo Business