MIRROR Group Newspapers (MGN) has confirmed that it has acquired a controlling stake in Century Newspapers of Belfast, which publishes the News Letter.

MGN is thought to have paid £6-£7 million sterling for a 90 per cent stake in Century, while the previous owner, Sir Ray Tindle, will retain the remaining 10 per cent.

MGN is also expected to invest a further £7 million in new colour printing presses at the News Letter over the next 12 months. After the introduction of the presses MGN will transfer all its Irish printing to the News Letter. The MGN takeover is expected to create a number of jobs at the News Letter, which currently employs 150 people.