The agreement would see Reach acquire full ownership of the Irish Daily Star publisher following, and subject to, the normal competition approval processes for Irish media transactions. The acquisition is expected to complete later this year.
The Irish Daily Star Newspaper will continue to trade through Independent Star Ltd, as a subsidiary of Reach PLC.
Commenting on the news Jim Mullen, Chief Executive Officer, Reach PLC said: “Reach acquired a 50% stake in The Irish Daily Star in 2018 so it is a natural next step for us to acquire the remaining 50% and we are delighted to have reached agreement with INM. We will now engage with the relevant competition processes before planned completion later this year.”
Marc Vangeel, CEO, Independent News & Media said: “INM are proud to have been a shareholder in the Star since 1987. The Irish Daily Star is a popular title with a talented group of staff producing a compelling mix of Irish news and sport in the national newspaper tabloid market. We believe that this offer from Reach, if approved, will ensure the newspaper has a bright future within the Reach publishing group. We wish the new owners continued success with the title.”