The Connaught Telegraph newspaper, based in Castlebar, Co Mayo, and one of Ireland's oldest newspapers, has been bought out of liquidation by the Celtic Media Group for an undisclosed sum.
The broadsheet newspaper, which was founded in 1828 and has a circulation of about 7,000 paid-for copies, was put up for sale about three weeks ago by Sean McNamara of Smith and Williamson accountants.
Mr McNamara was appointed to wind up the company behind the publication after its proprietors, the Connolly family, stepped back from the business due to trading difficulties. It was insolvent to the tune of €250,000 at the end of 2012, the last period for which accounts are available.
Eleven jobs have been saved as a result of the sale to Celtic Media, which employs about 125 staff and publishes four titles including the Anglo Celt and Meath Chronicle. It also has a substantial contract printing business.
Former Independent News & Media executive Frank Mulrennan, now the chief executive of Celtic Media Group, said: "We are delighted that a newspaper with a publishing tradition back to 1828 will now be joining our company."