Independent News & Media PLC (INM) has bought the entire issued share capital of PropertyNews.com, along with the PropertyNews monthly newspaper, covering Northern Ireland and neighbouring countries in the Republic of Ireland.
The acquisition of PropertyNews.com is part of INM’s strategy of becoming the number one classified website in every market in which it operates, with the PropertyNews.com database listing nearly 20,000 properties for sale.
Commenting on the deal, Sir Anthony O’Reilly, Chief Executive of INM said: “The combination of PropertyNews.com and INM’s online and newspaper operations will allow the group to offer estate agents and home-owners an unrivalled package.”
He continued: “PropertyNews.com has gained broad industry recognition for its content, technology and groundbreaking service and this, allied to the most important newspaper group on the island of Ireland, will create a compelling offering of print and online.”
Graham Brown, of PropertyNews.com, added: “I am delighted that PropertyNews will be joining the Independent stable, which will be able to use its considerable resources to establish it not only in the Republic but on the mainland UK as a major property internet site.
INM enjoyed a strong 2005, with a positive trading statement for the publisher showing good growth in circulation and advertising group revenues for the 11 months to 30th November (see UBM Considering Sale Of NOP World).
Despite the UK market remaining behind last year, Independent News & Media, expects advertising revenues to be up year on year, with the performance reflecting ongoing product development initiatives.
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