Wednesday 15 August 2018

The Irish Times agrees deal to buy Irish Examiner and other assets

Irish Times building
Irish Times building
Independent.ie Newsdesk

Independent.ie Newsdesk

The Irish Times has announced it has agreed a deal to buy all the assets of Landmark Media Group, publishers of the Irish Examiner newspaper.

The announcement was made shortly after 3pm.

As part of the deal, the Irish Times has agreed to buy seven regional titles, a number of websites, and holdings in three radio stations.

Neither party has mentioned a figure - but in a statement released by the Irish Times, it confirms AIB has taken what has been described as a "significant debt restructuring" as part of the process.

The Irish Times says the proposed acquisition will require separate aprovals from the Competition and Consumer Protection Commission, the Minister for Communications, and the Broadcasting Authority of Ireland.

The publishers say it is expected this process could take up to six months to complete.

Landmark's assets include daily newspapers 'The Irish Examiner' and the 'Evening Echo'.

Its seven regional titles are: The 'Waterford News & Star', the 'Western People', the 'Nationalist', the 'Kildare Nationalist', the 'Laois Nationalist', the 'Roscommon Herald', and the Naas and Newbridge Nationalist.

The company's radio assets include a 75pc stake in WLR in Waterford, a 75pc stake in Beat adn a 17.6pc holding in Cork's Red FM.

Liam Kavanagh, Managing Director of the Irish Times, said they would work with respective union groups in each company on restructuring proposals "that would need to be made".

The combination of both companies would lead to revenues of €100m and some 900 staff.

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