Celtic Media not to proceed with newspaper sale to INM
The transaction was approved by the Competition and Consumer Protection Commission on November 10, 2016, and was then subject to a Phase 2 review by the Broadcasting Authority of Ireland, with a Ministerial decision due this week.
However, following discussions, Celtic Media Newspapers Limited and INM have taken a view to move forward on a separate footing.
The Minister for Communications, Climate Action and Environment, Denis Naughten, TD, has been informed of the decision.
The proposed transaction was confined to the newspapers owned by Celtic Media Newspapers Limited and not to the print company owned by Celtic Media Group.
Celtic owns some of the leading titles in the industry including The Anglo-Celt; Meath Chronicle; Westmeath Examiner; Westmeath Independent; Connaught Telegraph and Offaly Independent.
The group has over 180,000 weekly readers of its newspapers, plus significant online activity, with more than one million weekly reach on Facebook and is forecasting close on 11 million pageviews of its websites in the current year.
It provides a combination of graphic design; digital consultancy and printing for a range of titles such as Dublin People Group; Tuam Herald; Nenagh Guardian; Cork Independent; Galway Independent; Southern Star; Mayo News and Sligo Weekender.
Its national print clients, serviced from its Navan print centre, include Trinity Mirror Group and The Racing Post.