Receiver Appointed To Irish Examiner And Sunday Business Post

Staying solvent and profitable has been a huge obstacle for many businesses during the last number of years and one of Ireland's most long-standing broadsheets - the Irish Examiner - is the latest casualty of the economy. 

Thomas Crosbie Holding, the group which owns a range of regional titles and the Sunday Business Post also, has gone into receivership and assets have been bought by Kieran Wallace of KPMG.

The new company named Landmark Media, is backed by Tom Crosbie and his father Ted who were shareholders of Thomas Crosbie Holdings.

The newspapers being bought by Landmark Media Investments are the Irish Examiner, Evening Echo, Waterford News and Star and the Wexford Echo.

The deal also includes the Carlow Nationalist, the Kildare Nationalist, the Laois Nationalist, the Western People and Roscommon Herald.

The new company also hopes to buy radio stations WLR, Beat 102 FM and Red FM from the receiver, subject to the approval of the Broadcasting Authority of Ireland.

The fate of the Sunday Business Post will be decided tomorrow but TCH fear that if a reciever is appointed, the newspaper will be sold.

Today's restructuring has guaranteed 554 jobs in the newspapers bought by Landmark Media but the 76 jobs at the Sunday Business Post are uncertain.

The existing printing contract will also cease, resulting in 12 job losses and the titles will now be printed at the Irish Times facility in west Dublin. 

A company source said that the restructuring and consequent acquisition provides a "stable platform from which to build a sustainable business and helps sustain employment into the future".

It is also expected that the new company set up by Tom and Ted Crosbie will be among the front runners to buy the Sunday Business Post.

In a statement Tom Murphy, CEO of Landmark Media Investments, said the restructuring represented "an important opportunity for the Irish Examiner and associated titles and media to make a fresh start and that is very welcome news."

"In a challenging environment, this re-structuring and consequent acquisition provides a stable platform from which to build a sustainable business."