Scottish Radio Holdings (SRH) has finally confirmed that it has made an offer to buy Ireland on Sunday for €9.5 million (£7.5 million).

Shareholders in Title Media, the publisher of Ireland on Sunday, which include ICC Venture Capital, the Leinster Leader, entrepreneur Mr Paschal Taggart and various private and BES investors, can opt either to receive cash or to take half of their consideration in SRH shares.

According to Ireland on Sunday managing director Mr Ashley Balbirnie, the paper, which was relaunched as a tabloid in September last year, averaged weekly sales of 70,412 in the six months to the end of December. The paper is currently trading "at a modest operating loss", but SRH expects it to move into profit sometime next year.

This is SRH's biggest move into the media industry in the Republic, although it already owns 22 per cent of Today FM and also has a presence in regional newspapers following its £1 million takeover of the Leitrim Observer two years ago. SRH is a major player in Northern Ireland through its ownership of Downtown Radio and the Morton regional newspaper chain.