MAGILL magazine, currently in the limelight because of its exclusive revelations about DIRT tax evasion and Allied Irish Banks, has been sold by journalist and broadcaster Vincent Browne.
He will cease to be editor but will continue to have an advisory role.
Magill now joins a stable of magazines which includes In Dublin, the Internet magazine dot.ie, The Big Ticket, Deadline and Boyzone magazine. Its new owner, Mr Michael Hogan, said yesterday that Magill was hugely successful but he did not believe it was achieving its full potential commercially.
Yesterday's statement from the new owner said that a condition of the sale had been that his company, Hoson, would re-employ the staff of Magill on their existing terms and conditions.
Mr Browne said last night that he could not continue editing the magazine because of other commitments. He wanted to concentrate on his practice as a barrister.
He had been unable to find a suitable successor as editor to Mr John Ryan, who now edits the Culture section in the Irish edition of the Sunday Times.
This might have been due to his own "hands-on" approach and he felt it would be better to let another owner find a suitable editor.
Magill was relaunched in August 1997 after a six-year gap. It was founded by Mr Browne in 1975.