New Nation and two other Afro-Caribbean titles have been saved after a buyer was found by administrators.
Last month, the Ethnic Media Group – which ran New Nation, Eastern Eye, and other ethnic titles – went into administration.
Eastern Eye was quickly sold to the Asian Media and Marketing Group, which said the title would thrive without having to “subsidise” New Nation.
Now, after a number of groups made offers, the rights to New Nation, African Times, and Caribbean Times, have been sold to African Media Enterprises – a new company set up to buy the titles.
Administrators could not reveal the make-up or background of the company, but confirmed it owned other titles.
Robert Smailes, principal at Shipleys and joint administrator of Ethnic Media Group said: “We’ve had a lot of interest in the remaining Afro-Caribbean sector of the company and turned down several offers which were not acceptable.
“I am now pleased to announce that the Afro-Caribbean sector of the business, including all rights to New Nation, African Times and Caribbean Time, has been sold to African Media Enterprises Limited, which made the best offer.
“It is envisaged that the new owners will seek to re-employ staff associated with Ethnic Media Group to ensure continuation of these publications with minimal disruption.”
Patrick Newman, director of African Media Enterprises said: “It is a great honour and responsibility to acquire these iconic titles.
‘We see huge potential not just in the UK markets, but for an international roll out.”
Ethnic Media Group blamed an advertising revenue slump on its demise. In 2002, a management buyout acquired the titles from Trinity Mirror for £10.25m.