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No buyer for Irish papers
Johnston Press has called off the sale of its Irish newspaper business.
The
group had sought to sell its 13 regional papers in the Republic and had
shortlisted three interested parties.
The publisher said while there had been considerable interest in the Irish
titles prices offered were not high enough to make a sale.
In a trading update, the company said advertising revenue in the 19 weeks
to May 9, 2009 was down 34.4 per cent year on year.
The company is implementing cost-cutting measures and is engaged in talks
with its bankers on re-scheduling debt repayment.
Johnston's Irish portfolio includes the Kildare-based Leinster Leader,
the Kilkenny People, the Portlaoise-based Leinster Express,
Tullamore's Offaly Express, the Limerick Leader, Clonmel's
Nationalist, the Thurles-based Tipperary Star, the Longford
Leader, the Leitrim Observer, the Dundalk Democrat
and Dublin's Tallaght Echo.
The group owns some 300 regional and local papers in the UK.
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