Malcolm Denmark group buys another local newspaper
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.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Journal
7 hours ago
- The Journal
Simon Harris was having the time of his life today with Pearse Doherty's Supervalu mistake
The Journal / YouTube TÁNAISTE SIMON HARRIS appeared to be enjoying himself in the Dáil today when he got the opportunity to slag Sinn Féin's finance spokesperson for his Supervalu faux pas. On Tuesday, Sinn Féin were forced to explain their embarrassing mistake after Pearse Doherty and a number of other Sinn Féin TDs repeatedly referred in the Dáil to SuperValu being owned by United Natural Foods Inc., a US-based firm rather than the Irish Musgrave Group. The party put the mistake down to 'human error' due to a search by Sinn Féin staff into Google Finance turning up a different 'Supervalu' company based in the US. During Leaders' Questions today, Harris made sure not to spare Doherty's blushes. During a discussion on the cost of living, the Fine Gael leader saw his opportunity to strike and took it. Advertisement 'You spend a lot of your political career standing up here saying: 'you don't get it over here. You don't understand, you're out of touch. 'You know what I know? I know who owns Supervalu. And it's not an American multinational,' the Tánaiste jeered across the Dáil at a glum-faced Sinn Féin, receiving whoops of approval from the Government benches. 'I know who owns Supervalu, they sponsor the GAA, they sponsor the Tidy Towns. They're in towns and villages across the country, they're a proud Irish company. And you thought, you thought they were owned by an American multinational! 'And you want Paschal Donohoe's job?,' the Tánaiste said with a smile, while pointing at the Finance Minister sitting beside him. 'You want Paschal Donohoe's job and you don't even know who owns SuperValu? Or can't even use Google? Give me a break,' he concluded. Unintelligible shouts continued from the Sinn Féin benches, as the Tánaiste repeated: 'Give me a break, Pearse, give me a break.' Rising to her feet for her speaking slot, Social Democrats TD Jennifer Whitmore was far from impressed with the scenes she had just witnessed. 'Anybody looking in on this debate today will have their head in their hands. They are worried about putting food on their table, they are worried about turning their lights on and we have this kind of behaviour going on? 'It's just — I actually don't think either of you get it,' the Wicklow TD said. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Independent
11 hours ago
- Irish Independent
Killarney Brewing and Distilling Company to cease operations
An examiner appointed to the company will be making an application to the courts tomorrow regarding the future of the business. It is unclear if this will result in the company entering receivership, but it is understood the production of beer and whiskey at the company will end soon. Huge doubts about its viability had been raised in recent mo nths because of increased running costs, global trading uncertainty, and consequences arising from the pandemic. More than 50 people work at the company's two Co Kerry sites in Killarney and Fossa, and the company supplies drinks to many pubs and hotels in surrounding areas. James Anderson, a partner at Deloitte Ireland, was appointed as interim examiner to KBD in April when the company filed a petition with the High Court after a potential merger with a US partner fell through. Entering examinership was seen as the most viable path to secure its future. It gave the business protection from creditors and a 100-day window for an examiner to put together a rescue package. Ultimately these efforts have been unsuccessful. A spokesman for the examiner said it would not be appropriate to comment at this time. KBD, which has strong US links, started trading in 2015, opening a taproom in Killarney. It expanded in 2022, opening the brewery and visitors' centre in Fossa, on the outskirts of the town. This was funded with about €12m capital raised from investors in 2020. It was hoped the new plant would attract more than 100,000 visitors per year. However, the expansion coincided with the pandemic, and then higher costs for raw materials, supply chain disruption, delays opening the Fossa plant, and global economic uncertainty over tariffs. Last year the company launched a plan to raise up to €7m in funding, but Companies Registration Office filings this year showed it fell well short of this target, raising about €3.5m – mainly via US-based investors. KBD's most recently filed accounts show the business recorded losses of €1.6m in 2022, and €513,000 in 2021. This was despite sales doubling in 2022, hitting €2m and up from €850,000 a year earlier. There is huge uncertainty in the Irish drinks sector due to the imposition of US tariffs on EU imported goods, currently standing at 10pc. Guinness brewers Diageo confirmed last month it has stopped distilling its Roe and Co whiskey. Jameson producer Irish Distillers announced in March that production at Midleton, Co Cork, would pause from April until the summer. Bushmills and Tullamore Dew also reduced production earlier this year. The tariff, in place since April, has made Irish whiskey less competitive against its American rivals on the US market. The threat of an even higher tariff – with Mr Trump suggesting a 30pc levy could be applied from August 1 – has contributed to the decision by up to 90pc of Irish whiskey makers to pause distilling for now.
Irish Post
13 hours ago
- Irish Post
Leading Irish building materials supplier pilots new cement technology in UK
AN Irish firm which is a leading global building materials supplier is piloting new technology at its UK operations which could decarbonise the cement production process. Dublin headquartered CRH, which has offices around the globe, is partnering with Material Evolution, a leader in advanced materials science, to pilot its alkali fusion technology in cement production. 'At the core of this innovation is MevoCem – a next-generation cement technology created through a unique mechano-chemical process,' the firm explains. 'Unlike traditional methods, this approach requires no heat as part of the cement production process,' they explain. 'Instead, it uses alkali fusion to activate non-reactive and less-reactive materials such as various industrial byproducts. 'With the addition of water, these materials behave like traditional cement." CRH will pilot the new technology at its UK-based firm Tarmac (Pic: CRH) CRH will pilot the use of MevoCem at its UK-based firm, Tarmac – which provides building materials to projecgts across the country. 'The project aims to demonstrate MevoCem's performance under a new set of performance-based guidelines developed by the British Standards Institution with the objective of making it simpler to use advanced cement technologies like MevoCem in everyday construction projects.' A CRH spokesperson said. The firm claims their innovation has the potential to offer a 'range of benefits for the cement industry'. These include turning underutilised materials into high-performance cements, simplying the cement production process and 'giving new life to materials previously considered as waste'. 'What's more, by eliminating heat, the process reduces the production of carbon emissions by up to 85 per cent compared to traditional Portland cement," the firm adds. See More: CRH, Cement, Mevocem, Tarmac
