The Sunday Business Post will apply to the High Court for the appointment of an examiner to the company as part of a complex overhaul of the ownership and financial affairs of its parent company Thomas Crosbie Holdings Limited (TCH).
The Irish Examiner daily newspaper, which is owned by the same group, is to be bought by a new company – Landmark Media Investments which is also headed up by the Crosbie family.
TCH said all its titles, including Cork’s daily Evening Echo and a number of regional newspapers, would continue to be published under the new ownership arrangement.
A part of the group, Thomas Crosbie Printers Limited, which was in charge of outsourcing the printing will fold with the loss of up to 12 jobs.
Other media outlets being taken over by the Landmark Media Investments include the Waterford News & Star, the Wexford Echo, the Nationalist series of newspapers, the Western People, Roscommon Herald, as well as radio stations WLR, Beat 102FM and Red FM.
The Crosbies said 554 people employed at titles being taken over by their new company would be transferred under existing employment terms and conditions.
Joint National Readership Survey (JNRS) figures reveal a difficult market for all print newspapers, where readership continues to fall. This is part of a global trend, resulting in a growing number of publications to introduce varying degrees of subscription for digital editions. In more recent weeks, French authorities reached a tentative agreement with Google to create a €60m fund to help French media organisations improve their internet operations.
It follows two months of negotiations after local news sites had demanded payment for the privilege of letting the search giant display their links.