Thomas Crosbie Holdings, which owns the Irish Examiner has acquired the Sunday Business Post from Trinity Mirror for €10 million. The acquisition is the latest part of an aggressive expansion programme by the company, which now brings it into the Sunday newspaper market for the first time.

It is the sixth acquisition of a newspaper title by Thomas Crosbie Holdings in the past two years and the group now has 12 newspaper titles in the Republic and Northern Ireland.

As well as newspapers, Thomas Crosbie Holdings also has interests in the new media sector through Thomas Crosbie Media, RecruitIreland.com and in MotorNet.ie and in the radio market with Northwest Radio, MidWest Radio and RedFM, the youth-orientated station which was introduced in Cork in January.

Mr Anthony Dinan, managing director of Thomas Crosbie Holdings, described the deal as a significant investment for the group.

"It extends the sectors we operate in. We've got a national daily, a daily regional and nine weekly regionals and now we're in the Sunday market as well," he said.

"We will have the benefits of cross-selling of advertising, joint promotions and marketing and training. Hopefully we will get a lot of synergies."

No decisions have been made on where the Sunday Business Post will be printed. In the past, Thomas Crosbie Holdings has expressed an interest in moving its printing operations outside of Cork city.

Journalists at the Sunday Business Post had recently expressed concern to management about its possible sale. As well as Thomas Crosbie Holdings, it is understood that Rupert Murdoch was interested in buying the paper, while the managing director, Ms Barbara Nugent, was also reported to be interested in a management buyout of the newspaper.

Mr Dinan moved quickly last night to reassure journalists at the newspaper.

"As regards editorial, we would be determined to keep that independent. That would be sacrosanct especially in view of the high quality of journalism there," he said.

The deal is now subject to the approval of the Minister for Enterprise, Trade and Employment, Ms Harney.

Trinity Mirror bought the Sunday Business Post in August 1997 for around €7 million, with three of its executives at the time - editor Mr Damien Kiberd, Ms Aileen O'Toole and current managing director Ms Nugent - becoming millionaires as a result of the deal.

The Sunday Business Post was founded in 1989 and its circulation has risen since then from 25,000 to more than 55,000.