Ireland’s Sunday Tribune newspaper has called in the receivers after Independent News & Media, which is a minority shareholder, decided to end its funding of the title, according to a report.
“The decision to call in a receiver has been taken with great regret,” Tribune Newspapers chairman Gordon Colleary said in a statement issued to Reuters yesterday.
“We recognise that additional investment will be required if it is to play a continuing role in the highly competitive Sunday market.”
Receiver McStay Luby is expected to seek a new investor for the paper, which has been funded by INM, which holds 30 per cent of the business, since 1992.
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Funds are reported to have been put in place to pay the paper’s 43 staff for February.
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