Reach, the publisher of the Irish Daily Mirror, the Sunday Mirror as well as RSVP magazine and the webisites DublinLive.ie and CorkBeo.ie has agreed to buy INM’s 50% stake in Independent Star for an undisclosed sum.
Independent Star is the publisher of the Irish Daily Star and it was jointly owned by INM and Reach and the last published accounts for the company show that it recorded a turnover of €16m in 2018 while profits amounted to €794,000. Reach acquired its stake in Independent Star following its 2016 acquisition of Northern & Shell for €144m.
The proposed deal will need to be approved the Competition and Consumer Protection Commission (CCPC) and, ultimately, the Minister for Communications.
Commenting on the news Jim Mullen, Chief Executive Officer, Reach PLC said: “Reach acquired a 50% stake in The Irish Daily Star in 2018 so it is a natural next step for us to acquire the remaining 50% and we are delighted to have reached agreement with INM. We will now engage with the relevant competition processes before planned completion later this year.”
Marc Vangeel, CEO, Independent News & Media adds: “INM are proud to have been a shareholder in the Star since 1987. The Irish Daily Star is a popular title with a talented group of staff producing a compelling mix of Irish news and sport in the national newspaper tabloid market. We believe that this offer from Reach, if approved, will ensure the newspaper has a bright future within the Reach publishing group. We wish the new owners continued success with the title.”