Leinster Leader beats competition to buy Limerick Leader for €23 million
And the Meath Chronicle is also understood to be the focus of a bid from an established British-based regional newspaper group, hoping to make its first foray into the Irish market.
The sale of the Limerick Leader, the largest family-owned regional newspaper in Ireland, to the Leinster Leader group is expected to be formally announced later this week after months of negotiations.
These saw Scottish Radio Holdings (SCR) walk away from a deal and Independent News & Media (INM) enter the fray unafraid of any regulatory concerns that may arise under competition law because of its dominance of the national and regional newspaper market.
The Leader Group, which already owns the Leinster Leader, Leinster Express, Offaly Express and Dundalk Democrat, will become one of the largest players in the Irish newspaper market when the deal is completed.
Under the chairmanship of chartered accountant John McStay, 53, the Leinster Leader has become an acquisitive media player in Ireland.
The Limerick Leader’s four title’s which include the Limerick Chronicle, the State’s oldest newspaper, sell more than 50,000 copies a week. The Leinster Leader group’s four titles, including the Leinster Express, sell close to 40,000 copies a week putting the enlarged group on a near level playing field with the regional newspaper operations of the Irish Examiner owners.
The Limerick Leader newspaper has been wholly-owned by the Buckley family and their descendants since it was founded by Jeremiah Buckley in 1889.
Pre-tax profits at the Limerick Leader increased by 42% to 1.45m in the year to November 2001.
The Limerick Leader and Leinster Express both have newspaper printing operations and it is not known how the sale will impact on jobs at these printing plants.
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