The Irish Times DAC and the owners of Landmark Media Investments have signed a share purchase agreement whereby The Irish Times will acquire all of the publishing and media interests of the Landmark Media group.
The Irish Times is to buy a number of newspaper titles and radio stations within the Landmark Media group which includes the Irish Examiner, Roscommon Herald, the Western People and Evening Echo along with WLR FM and Beat radio stations.
The transaction is subject to a number of conditions including receipt of regulatory approvals from The Competition and Consumer Protection Commission, the Minister for Communications, Climate Action and The Environment as well as The Broadcasting Authority of Ireland.
It is expected that these approvals could take at least four months to procure while the employees of Landmark Media were apprised of the sale of the media group by management at meetings this afternoon (Wednesday, December 6th).
The Irish Times to acquire Landmark Media business https://t.co/5aYrW75wzV ^DH #BusinessAsUsual pic.twitter.com/4IgOnRL3lM
— Irish Examiner (@irishexaminer) December 6, 2017
LMI Group CEO, Tom Murphy, who will exit the business at legal completion of the transaction, said: “Following a prolonged period of speculation today’s announcement brings clarity to the groups future. I would like to place on record my appreciation and the appreciation of the board of Landmark Media to all staff members for their support, understanding and particularly for their patience.”
“We acknowledge that throughout this delicate and sometimes public process that it has been a difficult period for all staff members, reading and listening to commentary, much of it uninformed and speculative. For our part, we believe we have done everything possible to make and implement the right decisions in relation to the Landmark business and all of its stakeholders, particularly our very valued and loyal staff colleagues.”
Liam Kavanagh, Managing Director of The Irish Times DAC believes it is an important strategic decision and they will maintain the core identity, independence and editorial integrity of each.
Promising to work with respective unions for restructuring purposes, Kavanagh concludes: “The combination of the two groups brings together two organisations with a quality focus and strong ethos. […] It is a positive step in the protection of two Irish-owned media organisations, and will help ensure their long term futures.”
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