INM to assume full control of the Irish Daily StarFriday 11 January 2013 12.14
Independent News & Media is to take full control of the Irish Daily Star, with Ger Colleran being reappointed to his previous role as editor of the newspaper.
The publication was threatened with closure by its 50% shareholder Northern & Shell in the wake of the controversy over the publication of topless photographs of the Duchess of Cambridge, Kate Middleton.
Northern & Shell is owned by British businessman Richard Desmond.
However, in a statement today, INM, which owns the other 50% of the newspaper, said it would now assume full executive responsibility.
The statement said that there will also be a reorganisation of the paper, which will include pay cuts for all staff and cost cuts of overheads.
Mr Colleran, who had been managing director of the newspaper, will reassume the role of editor.
Gerry Lennon has been appointed managing director of the Irish Daily Star in addition to his existing role of managing director of the Sunday World.
The newspaper will also relocate to Talbot Street in Dublin from its current offices in Dundrum.
INM said it was "envisaged that up to nine redundancies will come about from the first phase of its restructuring, which will affect its circulation and advertising departments".
Under INM management the newspaper will remain as a stand-alone entity with a separate board and identity.
The company said the decision was "a very positive development for the future of the Irish Daily Star".