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February 2, 2011

Ireland’s Sunday Tribune newspaper ‘calls in receivers’

By admin

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.

Funds are reported to have been put in place to pay the paper’s 43 staff for February.

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