The sale of the Belfast based News Letter to Mirror Group Newspapers (MGN) is expected to be finalised within the next 24 hours, according to sources.

It is understood MGN will pay between £6 million to £7 million sterling for 90 per cent of the pro-unionist News Letter, with investment in new plant making up the rest of the £15 million deal.

The bulk of this investment, around £7 million, will come through the installation of two colour presses, which will be used to print both the Mirror Group's Irish editions and the News Letter, according to sources.

The rest will come through investments in technology and other areas.