Reach has been granted regulatory clearance for its acquisition of the Irish Daily Star with the deal set to complete next week.
Reach originally acquired a 50% stake in the title in September 2018 when it acquired the news publishing assets of Northern and Shell Ltd.
The joint venture partner, Independent News and Media, owned the remaining 50% share. In July of this year, Reach secured an agreement with Independent News and Media to acquire their 50% stake, with the agreement subject to regulatory approvals.
Reach has now secured clearance from the Competition and Consumer Protection Commission and Minister for Media, Tourism, Arts, Culture, Sport and the Gaeltacht and will work with Independent News and Media on a transition plan for the paper and its websites over the coming weeks.
The company is the largest national and regional news publisher in the UK, with influential and iconic brands such as the Daily Mirror, Daily Express, Sunday People, Daily Record, Daily Star, OK! and market-leading regional titles including the Manchester Evening News, Liverpool Echo, Birmingham Mail, and Bristol Post. It operates a network of over 70 websites providing 24/7 coverage of news, sport, and showbiz stories, with an audience of 41.9 million unique visitors per month.
Its portfolio already includes Irish editions of the Daily and Sunday Mirror newspapers, the Sunday People newspaper, RSVP magazine, and five news sites.
Reach Chief Executive Officer Jim Mullen said: "We are pleased to have secured regulatory clearance and look forward to building on the success of the Irish Daily Star and Buzz.ie."
Marc Vangeel, CEO of Independent News & Media, said: "We welcome the successful conclusion of the regulatory process, and we are pleased that the parties can now move forward towards completion. We will work with Reach to ensure a smooth transition, and we are confident that the Irish Daily Star has a bright future ahead within the Reach portfolio."
The Irish Daily Star Newspaper will continue to trade through Independent Star Ltd, as a subsidiary of Reach plc, the largest publisher of both national and regional news titles in the UK and Ireland.