Irish Times to buy Landmark Group

The Irish Times DAC (i.e. the company) has agreed to purchase the entire business of the Landmark Media Group.
The Irish Examiner, Waterford News and Star and other provincial titles in locations in Carlow, such as the Nationalist, along with the Western People and Roscommon Herald are part of the purchase and also the Landmark Media stakes in WLR, Beat and RED FM in Cork, plus several web sites.
The purchase contract conditions are subject to receipt of regulatory approvals.
The announcement was made in early December, but regulatory approval could take a number of months say industry sources, the Minister for Communications, Competition Commission and the Broadcasting Authority are some of the regulatory bodies involved.
In a statement, Landmark Media thanked all staff members for their support, understanding and patience. There had been much media speculation about the purchase, prior to the announcement.
They said the sale was in the best interests of the company as well as the newspapers and media involved.
AIB were also thanked for their support over the years, resourcefulness and patience too in allowing this outcome be achieved.
Again, there has been some speculation in the media about debt write offs with AIB, but this was not stated in the statement, nor was there any purchase number stated either.
In the meantime, Landmark noted it is business as usual until contract completion in due course.
This marks the departure of the Cork-based Crosbie family from the trade after many generations to the newspaper and media business.
They invested and developed much over the years bringing the first colour newspaper press for its daily paper in Ireland plus other innovations that were revolutionary at the time in the newspaper sector and saw the Dublin papers follow in due course.
The business has changed much in recent years with the emergence of online and social media taking a share of the ‘ad cake’, making it tougher for all media.

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