The Gazette group of newspapers, which owns titles in Blanchardstown, Lucan and Clondalkin, has entered into discussions about a potential buyout or sale of shares to another publisher.

The Gazette group has declined to name the publisher, but it is believed discussions have taken place over the last few weeks between the two parties.

The Gazette group was formed in 2003 by journalist and former Meath footballer, Liam Hayes, and former Saatchi and Saatchi advertising executive Michael McGovern.

When contacted Mr McGovern confirmed discussions were ongoing with an "interested party", but he declined to say whether the discussions might result in the complete takeover of the Gazette group.

It is understood the publisher may take a substantial shareholding in the group, leaving Mr Hayes and McGovern with a reduced stake.

Several UK publishers are still actively seeking out Irish newspaper assets, including Dunfermline Press, Alpha Newspapers and Johnston Press.

Companies like Thomas Crosbie Holdings also regularly snap up local papers that come on the market.

The Gazette group initially started with two papers - the Lucan Gazette and Blanchardstown Gazette - launched on March 24th 2004 and 20th May 2004 respectively.

The Clondalkin Gazette was launched on 20th October 2005 to cover another fast growing region of greater Dublin county.

All three titles are now selling in excess of 17,000 copies per week. All three papers retail for €1.50. The Lucan Gazette sells over 5,000 copies each week, the Blanchardstown Gazette sells just under 7,000 copies weekly and the Clondalkin Gazette sells in excess of 5,000 copies each week.

The valuation of the company is hard to discern considering the Clondalkin edition was launched less than a year ago.

The Gazette group itself is owned by a company called Relevance Publishing which has not lodged accounts with the companies office so far.

Among the major shareholders are Mr Hayes, Mr McGovern and the Andersontown News.