Irish management team buys media group

The Irish management team of Celtic Media Group has bought the business for €5.5m.

The transaction will secure the future of the group’s newspapers and its printing and publishing businesses, which includes the Anglo-Celt, Meath Chronicle, Westmeath Examiner and Westmeath Independent.

The management team, headed by chief executive Frank Mulrennan and finance director Frank Long, were delighted with their acquisition.

Mr Mulrennan said: "Our group has consistently generated operating profits in the teeth of the recession but it suffered from a legacy debt burden that was unsustainable. This burden has been addressed fully and the group now has a financial structure that is appropriate to face the ongoing challenges presented by the current business environment.

"We are dedicated to positioning our company to benefit from our exciting multi-platform digital strategy and from further consolidation in the regional media market, which we feel is inevitable."