Scottish Radio Holdings has sold Ireland on Sunday to Associated Newspapers for £7.4 million sterling in cash.
SRH, which has built up a portfolio of 41 local weekly titles over the last six years, bought Ireland on Sunday in June 2000 for £6 million sterling. The paper underwent a major relaunch last January.
Associated Newspapers publishes the Daily Mail and the Mail on Sunday. Today's sale has been approved by the Minister for Enterprise, Trade and Employment.
Ireland on Sunday has a workforce of 40. During the six months to the end of June, it achieved average weekly sales of 53,053 - down more than 67,000 a year before. The paper incurred operating losses of £0.5 million for the six months to the end of March.
Scottish Radio Holdings says today's sale allows its to focus on the development of its portfolio of local weekly newspapers.
Commenting on the sale, SRH's chief executive Richard Findlay, said that Associated Newspapers' business experience of Sunday newspapers will bring benefits to Ireland on Sunday. He added that the Dublin newspaper has 'considerable further potential.
SRH owns Downtown Radio and the Morton newspaper group in Northern Ireland, as well as regional papers across Ireland. It is aiming to buy the 76% of Irish radio station Today FM it does not already own, but current cross-media ownership laws prevent this.
