The newspaper publisher and former Ulster Unionist MP, Lord Kilclooney (formerly John Taylor), has bought the Athlone Voice title for an undisclosed sum.
Lord Kilclooney said he was buying the Athlone Voice title, but not investing in its publishing company, Midmedia Limited.
He said it was too early to say whether everyone employed in the paper at present would be re-employed. "I don't know yet," he said, when asked about potential job losses. But he added that in other purchases by his company most of the staff remained on. He said the paper would come out as normal next week.
A statement from his company said the paper had plenty of growth potential. "Alpha is delighted to be in Athlone - one of the most pleasant and fastest growing towns in the country".
Last night Lord Kilclooney said he was buying the title, not the company publishing it. Midmedia would not comment on the sale or how it might deal with the accumulated losses on the company's books of €507,255.
Lord Kilclooney already owns four titles in the Republic which he acquired from the Midland Tribune group. These are the Midland Tribune, the Tullamore Tribune, the Roscommon Champion and the Longford News.
Lord Kilclooney already owns 20 newspaper titles in Northern Ireland. Lord Kilclooney has spoken on several occasions about acquiring further media assets in the South.
The Athlone Voice has spent the last few weeks looking for fresh funding to boost its financial position.
The paper was published for the first time in September 2003 with an initial print run of 10,000. Its board includes former Sunday Business Post chief executive Barbara Nugent, who is a backer of Village magazine.
The original backers of the Athlone Voice include businessman Terry MacManus and the public relations consultant and broadcaster Conall Ó Móráin. He declined to comment last night on the implications of the sale.
The latest abridged accounts for Midmedia Ltd indicate that the company had some €389,303 in cash in the bank at the end of 2003 and net assets of €393,337 at that time. The profit and loss account showed a deficit of €507,255.
