The Irish Post newspaper in Britain has been bought as a going concern by publisher Elgin Loane for an undisclosed sum.
Elgin Loane publishes the classified advertising newspaper Loot.
The liquidator for the newspaper is understood to have been considering up to five bids for the purchase of the title.
The paper, which has served the Irish community in Britain since its foundation in the 1970s, is now expected to begin publishing again within a matter of weeks.
The Irish Post was closed last month by its previous owners, Thomas Crosbie Holdings, amid concerns over declining circulation.
Its closure, with the loss of over a dozen jobs, had sparked protests in the Irish community in Britain.
The newspaper had been selling between 17,000 and 20,000 copies per week before it closed in mid-August.
This evening, former staff at the Irish Post said they were delighted with the purchase of the title by Elgin Loane, whom, they said, had been their preferred bidder because of their commitment to maintaining the paper as the voice of the Irish community in Britain.
In a statement, Fiona Audley, Chair of Save the Irish Post Campaign, said:"We look forward to a new and exciting future for The Irish Post and thank all the readers and friends of the paper who showed their support over the last six weeks.
"We hope they will continue to support us now as we bring this valuable paper back to the newstands. The voice of the Irish in Britain is back!"
London-based Irish businessman Elgin Loane owns a number of print and media-based businesses with offices in London, Birmingham and Manchester.
In a statement the new owners of The Irish Post said the paper had a long tradition of serving the Irish community in Britain which must be continued.
The company added that while it was too early to set out detailed plans, the paper would be back on the newsstands very soon and that its website - www.irishpost.co.uk - would be improved as a priority.