The Mirror Group has confirmed that it is buying a controlling stake in Century Newspapers, the Irish group which publishes the News Letter (Newsline 20/06).
Century has net assets of around £2.2 million and in the year to 30 June 1995 reported pre-tax profits of £0.5 million and an increasing circulation. The Mirror hopes that by buying into the company there will be a significant increase in Century’s earnings.
The News Letter is a free paper in Belfast and a paid-for title in the rest of Northern Ireland. Circulations for the two editions are approximately 66,000 and 34,000 respectively. A spokesman for Century said: “The company will now be in a strong position to build further on the successes of the past few years. The additional resources that Mirror will provide will be of benefit to readers and advertisers alike.”
Mirror Group: 0171 293 3000
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