Thomas Crosbie Holdings (TCH), ultimate parent of the Irish Examiner, has purchased the Roscommon Herald for an undisclosed sum, bringing to 14 the number of titles it owns.

The Herald has been valued at between €7 million and €8 million, but both parties declined to comment on the value of the transaction, citing a confidentiality agreement.

Asked last night what price the paper sold for, owner Mr Brian Nerney joked: "Enough for a good night out." Mr Nerney and his wife Helen from Boyle, Co Roscommon, are the only listed directors.

The paper has been in the hands of the Nerney family for almost 70 years and Mr Nerney said he decided to sell because the future of local newspapers was in group structures.

He said while several media companies took an interest in the paper, he wanted to sell to an Irish family-owned business.

Among those companies believed to have taken an interest were: Scottish Radio Holdings, Dunfermline Press and the British venture capital group 3i.

Mr Nerney said there would be no job losses from the move and there might even be increased recruitment.

He said 22 people worked at the newspaper.

The paper has an average circulation of more than 11,000 copies and its main competition is the Roscommon Champion, owned by John Taylor's (now Lord Kilclooney) Alpha Group.

Mr Anthony Dinan, group managing director of Thomas Crosbie Holdings Limited, said he was delighted with the group's 11th acquisition in nine years. He said he was looking forward to working with Mr Brian Nerney and his team.

TCH owns 13 other newspapers: the Irish Examiner, the Evening Echo, the Waterford News & Star, the Western People, the Sligo Weekender, the Kingdom, the Newry Democrat, the Down Democrat, the Nationalist and Leinster Times, the Kildare Nationalist, the Laois Nationalist, the Sunday Business Post and the Irish Post.

It also has shares in three radio stations: Red FM, Mid West Radio and North West Radio.