TCH completes Echo Group purchase

IRISH EXAMINER owner Thomas Crosbie Holdings (TCH) has bought The Echo Group of newspapers in Wexford.

The acquisition of The Echo Group, which was founded in 1902, gives TCH coast-to-coast ownership of newspapers and brings the number of titles owned by the company in Ireland and Britain to 18.

TCH group managing director Anthony Dinan said the addition of the Enniscorthy Echo, New Ross Echo, Gorey Echo and Wexford Echo titles to the group is the latest milestone in its acquisitive strategy.

While neither Mr Dinan nor the Echo owners would reveal the purchase price, it is believed to be between €12 million and €15m.

Mr Dinan said TCH has acquired 15 newspaper titles since 1995 and remains in acquisitive mode.

"The addition of The Echo Group is a perfect fit for our business from a commercial and geographic perspective. It allows the Echo titles to maximise the potential of the synergies that arise from being part of a larger organisation.

"TCH now has a very significant presence in the region incorporating The Nationalist and Leinster Times, the Kildare Nationalist, the Laois Nationalist, the Waterford News and Star and now the four Echo titles. We have a corridor of strong newspapers in the east of the country which is good news for our advertisers," he said.

The Echo Group has been developed by the Buttle family into a well respected profitable portfolio of newspapers. Brothers Eamonn and Norman Buttle will not be involved in the management of the business following the acquisition.

Eamonn Buttle said: "Key to this deal is the fact that Thomas Crosbie Holdings is a family-owned company that has a long and distinguished track record in both national and regional newspapers.

"Both Norman and I believe that this move protects the heritage of the Echo titles and will see them grow and develop into the future."

Murry McDonald remains as general manager and will continue to manage the business while reporting to Tom Geoghegan, regional director of TCH.

The Echo titles have a weekly circulation of close to 13,000 and this latest acquisition keeps TCH at the fore of Irish-owned operations in the regional newspaper sector with weekly regional newspaper sales of more that 140,000.

The sale of the Echo Group removes yet another takeover target in the regional newspaper space but some plum operations remain in independent hands.

Hefty prices are being paid for regional titles. Late last year the British-owned Johnston Press paid €138.6m for the Leinster Leader group which included the Limerick Leader, Limerick Chronicle and Dundalk Democrat.

TCH paid close to €7m for the Roscommon Herald, its' most recent regional acquisition prior to The Echo Group.

Titles remaining independently or family-owned and potential takeover targets include: the Southern Star, Clare Champion, Sligo Champion, Nenagh Guardian, Connaught Tribune, Kerry's Eye, Munster Express and Clare People.

Thomas Crosbie Holdings Limited now comprises 18 newspapers: The Irish Examiner, The Sunday Business Post, the Evening Echo, the Waterford News & Star, the Western People, the Sligo Weekender, The Kingdom, the Newry Democrat, the Down Democrat, the Nationalist and Leinster Times, the Kildare Nationalist, the Laois Nationalist, Roscommon Herald, Enniscorthy Echo, New Ross Echo, Gorey Echo, Wexford Echo and The Irish Post. TCH also has an electronic media division, Thomas Crosbie Media, which comprises Motornet.ie and RecruitIreland.com.