Mediahuis Ireland, the publisher behind the Irish Independent, is reportedly engaging in negotiations to purchase the online news provider, The Journal, and its affiliate the42.ie, a sports publication and podcaster, according to inside reports. The proposed acquisition is believed to yield a low-single-digit-million sum.
In response to speculation about the potential deal, a representative for Mediahuis Ireland stated that, while they refuse to comment on unverified rumours, they will persist in exploring and assessing emerging opportunities.
Journal Media, the firm responsible for the considered publications, was spearheaded by brothers Eamonn and Brian Fallon in 2010. Unfortunately, attempts to elicit remarks from the Fallons have been fruitless so far.
It is learned that Journal Media is managing the sales process internally. The Business Post, under the control of Enda O’Coineen, a Galway entrepreneur and his Kilcullen Kapital Partners, is said to have been a runner-up bidder for the enterprise.
The Journal entertains user’s contributions whilst the42.ie operates on a subscription basis. Previous ventures by Journal Media, such as the pop culture news site, DailyEdge.ie and its Fora.ie business news service shut down due to financial cutbacks throughout the business during the pandemic.
The company does not submit separate financial reports to the Companies Registration Office. Rather, aggregate figures are provided for by its chief parent company, DML Capital Unlimited.
The Fallon brothers made significant inroads into the Irish digital arena with the launch of their property website Daft.ie in 1997 and its subsequent merger with DoneDeal.ie, part of Norway’s Schibsted Media Group in 2015. Their joint endeavour, Distilled Ltd is equally shared between DMG, owned by the Fallons and Adevinta, an offshoot of Schibsted.
Belgium-based Mediahuis Group became the new owner of the publicly traded Independent News & Media (INM) in 2019 and later rebranded it as Mediahuis Ireland. In addition to the Irish Independent, Mediahuis Ireland is responsible for a range of other titles, some of which include the Sunday Independent, Sunday World, Belfast Telegraph and Sunday Life along with nine other regional titles. The Mediahuis Group also has prominent operations in Belgium, Netherlands, Luxembourg and Germany.
Mediahuis Ireland affirmed last week that it had cut its workforce by 50 individuals in its publishing department. This number also encompasses several compulsory layoffs. The firm, which had nearly 550 staff members at the beginning of 2024, disclosed its intentions to reduce its employee count throughout its Irish publishing division.