Johnston Press, the publisher of over 30 regional newspaper titles, including our own county-wide and much enjoyed ‘Tipperary Star,’ ‘The Nationalist’ and ‘Munster Advertiser,’ latter all based in Thurles and Clonmel, have confirmed that they are in talks to sell-off all titles held in the Republic.
These newspaper titles also include the ‘Limerick Leader,’ ‘Donegal Democrat,’ ‘Leinster Leader,’ ‘Kilkenny People,’ ‘Leinster Express,’ ‘Leitrim Observer,’ ‘Longford Leader,’ ‘South Tipp Today’ and the ‘Donegal People’s Press.’
In a statement in the last number of weeks to the London Stock Exchange, the company have stated that it was holding discussions about the possible sale of these titles for an asking price of some €8.5 million in cash, but, however to date, state there has been no decision to agree a sale with any interested party. One possible future interested purchaser is understood to be Mediaforce, an advertising agency that has close links with the regional press in both Britain and Ireland and owned by British millionaire Malcolm Denmark.
Having previously taken the decision to close the ‘Offaly Express,’ the parent company, as part of their cost cutting measures, has announced a group-wide voluntary redundancy scheme. The company has already laid off almost a quarter of its workforce between 2011 and 2012 and merged a number of senior posts in its Irish operation.
Recent accounts for Johnston Press Ireland show that its pre-tax profits fell by some 44%, from €1.7 million to just €941,000 last year. It is noted that in the height of the boom in 2006, its pre-tax profit reached €13 million. Accounts show that the Republic based company also incurred one-off redundancy costs of some €757,000 in 2012, rising from €125,000 in 2011.
What do you, our readers, find missing from your local newspaper, keeping in mind that local newspapers play a valuable role in all local communities? Your local newspaper is still today the most reliable source for reporting local crime, local government activities, local school activities, local politics, advertising of local jobs, commenting on local community/neighbourhood events, local arts events, not to mention being a reliable historic archive for future generations.
Whatever the future holds for the Tipperary Star and other regional press, they will be well rid of Johnston Press, who have no interest in local communities, only what the bottom line holds!!!
It would be a sad day for Tipperary and Thurles if The Tipperary Star was lost to us. More progress in the wrong direction.