Business

Seven weekly newspapers within the River Media stable have been sold to Iconic Newspapers

Gary McDonald Business Editor

SEVEN weekly newspapers within the River Media stable have been sold to Iconic Newspapers in the Republic for an undisclosed sum.

And it is understood the deal will preserve titles and jobs at River Media, whose titles include The Derry News and County Derry Post in the north, along with The Letterkenny Post, Finn Valley Post, Inish Times, Donegal Post and Kildare Post.

The deal is subject to regulatory approval by the CCIP.

A spokesperson for the company explained that the shareholders of River Media have been supporting the business in recent times and that a transfer to Iconic is in the best interests of the company and the people.

“This deal will preserve titles and jobs” he said.

Iconic Newspapers is owned by Mediaforce who are majority owned by Malcolm Denmark. It holds its newspaper assets in a subsidiary called Formpress Publishing.

Among its titles are the Donegal Democrat, Dundalk Democrat, Limerick Leader, Leitrim Observer and Tipperary Star.

Four years ago Iconic Newspapers acquired Johnston Press Ireland, which was formed following the purchase of Scottish Radio Holdings' newspapers known as Score Press by Johnston Press in 2005 for £155 million.

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