Independent News & Media has agreed to buy the Sligo Champion for a sum believed to be in excess of €20m.
The acquisition is subject to normal due diligence, contract and regulatory approval. The deal is expected to be earnings enhancing from year one.
'We are pleased that we are the preferred bidder for the Sligo Champion. The paper is one of Ireland's oldest and leading regional titles, and would be a good addition to our portfolio of Irish regional titles, said Vincent Crowley, CEO of Independent News & Media (Ireland).
The Sligo Champion was founded in 1836 and has a circulation of about 13,000. It is owned by the Townsend family and is a market leader in Sligo. It is also popular in counties Leitrim, Donegal and Roscommon.
It was understood that INM, the Irish Times, Johnston Press, Alpha Newspapers and Celtic Media had all expressed an interest in the newspaper.
Meanwhile, Independent News & Media's chief Anthony O'Reilly has been buying up more shares in the company. He bought another one million shares today, bringing his total shareholding to 26.5%.
