THOMAS Crosbie Holdings, the investment company which own The Examiner, has purchased the Sligo Weekender newspaper through its subsidiary the Western People.

The group is understood to have paid less than £100,000 for the local free newspaper which has a circulation of 10,000 in the Sligo region. The acquisition, announced yesterday, is subject to approval by the Mergers and Monopolies Commission.

Mr Anthony Dinan, managing director of Thomas Crosbie Holdings, said the group intends to revamp the paper, changing its format and layout and introducing a wider editorial content. Its founder, Mr Brian McHugh, will remain on as editor and as a minority shareholder, Mr Dinan said.

Mr Gerry Walsh, general manager of the Western People, has been appointed managing director of the Sligo Weekender.

Thomas Crosbie Holdings is an investment company with extensive media interests in the Irish market.

The company has shareholders' funds worth £15 million and last year reported a profit of £1.1 million. Its investments include the Examiner Publications (Cork) Limited, which publishes Tile Examiner and the Evening Echo. Thomas Crosbie Holdings is also part of the Radio Ireland consortium which won the national independent radio licence.

Mr Dinan said yesterday that it is now concentrating on adding other media acquisitions to its investment portfolio. "We have a core competence in that area and we want to use that to invest," Mr Dinan said.