Formpress Publishing, the owner and operator of a number of regional newspapers, has agreed terms to acquire the Mayo News, subject to Competition and Consumer Protection Commission approval.
Formpress is a subsidiary of Iconic Newspapers Ltd, part of Media Concierge (Holdings) Ltd. The proposed deal involves the acquisition of Mayo News (Holdings) Ltd.
Iconic Media Group already owns the Donegal Democrat, Donegal Post, Donegal People’s Press, Inish Times, Dundalk Democrat, Kilkenny People, Leinster Express, Leinster Leader, Leitrim Observer, Limerick Leader, Longford Leader, Midland & Tullamore Tribune, Clonmel Nationalist and Tipperary Star.
A CCPC review is mandatory when media assets are being acquired. The Commission said it had been notified of the proposed deal on 18 November and has commenced a preliminary investigation. It is inviting submissions from third parties until 6 December.
Mayo News (Holdings) is wholly owned by managing director Dermot Berry. The newspaper was established in 1892, making it one of Ireland's oldest newspapers, and is one of four local papers published in Co Mayo each week.
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Berry's father, Westport businessman Joseph Berry, took ownership of the newspaper in the late-1980s. His son took over following his passing in 2004.
Filed accounts show Mayo News (Holdings) had net assets of €630,000 and a payroll of €559,000 at the end of 2021, The company, which has 17 employees, made a profit of €203,000 last year, down from €245,000 in 2020.
Commenting at the time of the sale announcement, Berry said: “This was a difficult decision for me but ultimately in the current environment I feel that the future of the paper and the fantastic staff will be better served by being part of a larger publishing group with the resources to take the brand forward.
"I have been impressed by the progress that Iconic have made over the last few years, especially with digital, so I feel that it’s going to a good home.
“I would like to express my thanks to all of the staff that have done such a brilliant job over the years, I feel confident that they will find an environment in which they can develop and flourish with Iconic.”
Malcolm Denmark, of Iconic Media Group, commented: “I’m looking forward to welcoming the Mayo News to the Iconic family. It will be an honour to take over the stewardship of such a quality title, and one that fits our publishing ethos.
"We look forward to providing more news content to the Mayo community. We have exciting plans for the future of both the newspaper and website.”
Formpress purchased four titles in Donegal and Kildare from River Media in April 2019 before acquiring the Midland Tribune titles from Alpha Newspapers in February 2020.
The group booked a loss of €71,000 on turnover of €17.4m for the 18-month period to the end of September 2020. The company had net assets of €12.4m and 135 employees, with staff costs of €8.8m.
(Pic: Getty Images)
