Malcolm Denmark group buys another local newspaper

Irish Independent

5 days ago

The Competition and Consumer Protection Commission says it has been formally notified of the proposed acquisition of the Galway-based newspaper by Formpress Publishing, which is part of the Iconic group.
The Tribune was first published in May 1909. Two decades later the group produced the Sentinel, which finished publication in 2014, and the Galway City Tribune was added by the group in 1984. Combined weekly circulation is believed to be in excess of 10,000, and its associated website is connachttribune.ie.
The wider group also includes the radio station Galway Bay FM. Reports have linked Bauer Media to its possible purchase. Three Galway families – the Allens, Naughtons and Hickeys – own the group, and it was reported last year that they had hired IBI Corporate Finance to find a buyer for its assets.
The financial details of Iconic's purchase of the Connacht Tribune are not known. The valuations of newspapers have fallen precipitously over the last two decades, due to declining print circulations and reduced advertising revenue.
Pre-tax profits at Formpress Publishing rose to €1.7m in the year to the end of September 2023, according to the most recent accounts filed. The company employed an average of 142 people during that 12-month reporting period, up by three on the previous year.
Formpress owns about 25 local and regional newspaper titles, including the Mayo News, Kilkenny People, Limerick Leader, Derry News, Dundalk Democrat, Leitrim Observer and the Midland Tribune.
Last October the competition authority approved the purchase by Formpress of D&D Media, owner of the Inishowen Independent. Such deals also need approval by the minister for media.
While there may be some concerns about an over consolidation of local media in the hands of a few players, there will also be official recognition that some regional newspapers will not survive financially unless they become part of bigger stables.
In a recent interview with the Sunday Times, Mr Denmark said he was 'passionate about local media' and sees a future in it.
'I am not giving up on it. We are getting a lot of traction and we are impressed by our numbers online,' he said.
Confirming his interest in acquiring the Connacht Tribune, he said: 'The team in Galway is a particularly good one. They are the largest selling of the weekly regional papers now in the country and that is down to producing a very, very good paper every week.'