Irish Times agrees to buy Irish Examiner

THE Irish Times has agreed a deal to purchase the Irish Examiner’s parent company, which includes seven regional titles, a number of websites, and holdings in three radio stations.

It was announced yesterday that Landmark Media Group, which owns the Evening Echo along with the Irish Examiner, had agreed a deal to sell its assets to the Irish Times DAC.

Landmark also owns seven regional papers – the Waterford News and Star, the Western People, the Nationalist, the Kildare Nationalist, the Laois Nationalist, the Roscommon Herald, and the Naas and Newbridge Nationalist. The company has a stake in radio stations Beat, WLR and Cork’s Red FM and its website assets include breakingnews.ie and recruitireland.com.

LMI Group CEO Tom Murphy who will exit the business once the transaction is complete, said: ‘I believe that a sale of the Landmark Media business to the Irish Times is in the best interest of all of the stakeholders, including staff, in Landmark Media and that it is the correct outcome for the Irish Times and the newspaper and media industry generally in Ireland.

‘Consolidation within the industry is an inevitable outcome and both Irish-owned groups will be best positioned to survive and prosper as part of a larger, stronger and better resourced and unified entity.’

The Irish Times DAC said the transaction is subject to a number of conditions including receipt of regulatory approvals from the Competition and Consumer Protection Commission, the Minister for Communications as well as the Broadcasting Authority of Ireland. These approvals could take at least four months to procure.

Liam Kavanagh, MD of The Irish Times DAC, said the company is committed to working with the respective unions in each company on any restructuring proposals.