Read more: Receiver appointed to the Sunday Tribune newspaper
After months of searching for a potential buyer, it seems unlikely that the “Sunday Tribune” newspaper will be saved by its receiver.
Jim Luby of McStay Luby has been tasked with the position of receiver. His aim is to find a buyer to take over from Independent News & Media, the paper’s main financial baker. However, the Independent has been looking for potential investors in recent months and it seems unlikely that one will emerge now.
It is also believed that there were talks of merging the “Sunday Business Post” and the “Sunday Tribune” but Thomas Crosbie Holdings, owners of the “Business Post,” were not interested.
Although the Independent has committed to funding staff costs until the end of February, the paper will not go to print this month until a decision on its future has been made.
Currently the “Tribune” has a circulation of 40,000. Over the years its circulation has been dented by “The Sunday Times” and the “Irish Mail on Sunday.” Also, advertising has become more difficult to sell.
Between 2004 and 2010 the paper’s managing director Michael Roche cut the base cost from €16.5 million to €7.5 million, but the operating loss is thought to be €40,000 per week.
"This is not the remnants of a hurricane, it is a hurricane"