Cork-based media group Thomas Crosbie Holdings yesterday bought the Kingdom newspaper, just weeks after a deal with Independent Newspapers to purchase the publication fell through.
Crosbie would not say how much it paid for the 5,400-circulation weekly paper, but indicated the price was "a six-figure sum". The Kingdom is thought to have considerable debts and it was not clear how much of these were included in the agreement.
Shareholders in the Kingdom include Ms Anne Lundon and Ms Susan O'Keeffe. Crosbie, which also owns the Examiner and the Evening Echo, said the deal was subject to due diligence procedures and approval from the relevant regulatory authorities.
Crosbie's managing director, Mr Anthony Dinan, said the decision to purchase had been made in the last week: "We had looked at it previously, but nothing transpired. Just recently we looked at it again."
He said the company intended investing a further six-figure sum developing the editorial content and advertising operation of the paper.
Until recently, Independent Newspapers was in discussions to buy the Kingdom. It is understood the company considered buying the publication outright, but was concerned that, because Independent also owns a rival weekly, the Kerryman, such a move would draw the attention of the Competition Authority.
One of the alternative options thought to have been considered by Independent involved buying only 25 per cent of the Kingdom, but exercising significant control over the paper through the payment of its debts, acquiring share options, and locked-in printing contracts with the Kerryman.
In a statement, Independent Newspapers, through the Kerryman, said that for reason of confidentiality, it was unable to comment in specific terms on any discussions.
"However, in response to questions put to the company, the Kerryman confirms that the most recent discussions it had with a newspaper publisher examined a number of investment options which ultimately resulted in proposals to launch a new title owned by the Kerryman," the company said.
"These proposals were subsequently abandoned and discussions ended," it concluded.
