Landmark Media Investments

For the unrelated media company, see Landmark Media Enterprises.

Landmark Media Investments is a holding company owned by Tom Crosbie and his father Ted Crosbie with Irish newspaper, radio and digital investments.[1]Their ownership is via Rinvery Ltd. Landmark Media Investments was established in February 2013 and acquired several assets of Thomas Crosbie Holdings in March 2013.[1]

Landmark Media Investments employs 554 as at March 2013.[2] This was set to reduce to around 500 as at April 2014.[3] The number of staff employed has since fallen to 420. [4]

Legal cases

Landmark Media Investments was sued by WebPrint Concepts in March 2013. WebPrint Concepts also sued Thomas Crosbie Holdings. Both were sued over breach of contract.[5] The case was sent to the Commercial court by Judge Peter Kelly subject to WebPrint supplying evidence of funds to cover the case.[6]

Landmark Media Investments, as occupiers of a building in Cork, were sued by Kilquane in April 2013. Although, the case is against Examiner Publications Ltd, Landmark occupy the building. Kilquane wanted Landmark Media Investments to vacate the building after rent was allegedly not paid on the building for 2 years. The case had a full hearing on 8 May 2013.[7] On 16 May 2013, Landmark Media Investments were given a High Court order to vacate their premises.[8] The floors occupied were vacated. The building was put up for sale, by the owners, in September 2016. [9]

On 3 July 2014, Landmark Media Investments, Thomas Crosbie Holdings and Post Publications LTD were involved in an unfair dismissal lawsuit. [10] In February 2015, the verdict, against Post Publications, was appealed. [11]

Bid for Sunday Business Post

Landmark Media Investments, submitted a basic proposal to buy The Sunday Business Post, including funding facilities to the newspaper's examiner on 29 March 2013, as did other potential bidders. Landmark Media Investments is expected to form a joint venture with The Irish Times if it succeeds.[12]

It was reported on 28 April 2013, that Landmark Media Investments have pulled out of the bidding for the Sunday Business Post.[13] Landmark Media was not successful in their bid for the Sunday Business Post.

Beat 102 103 license renewal

The Broadcasting Authority of Ireland submitted tenders for the renewal of radio licenses in 2013. Beat 102-103 are up against Power FM for the same license.[14]

On 2 May 2013, the Broadcasting Authority of Ireland opened up the license renewal process to a "competitive licensing process" with 2 bidders remaining for the license that Landmark Media currently hold.[15]

Beat 102 103 were the sole bidder for the licence and have signed an agreement with the BAI for 10 more years of broadcasting.

Radio Licences

After TCH went into receivership, Landmark Media Investments required some approvals to gain ownership of the former TCH radio assets.

On 10 January 2014, The Competition Authority cleared,[16] with proposals, the acquisition by Sappho Limited (who are 100% owned by Landmark Media Investments) of sole control of WKW FM Limited (Beat 102 103) and South East Broadcasting Company Limited (WLR FM) and joint control of Siteridge Limited (Red FM).

ABC Exit

ABC publish newspaper circulation figures on a bi-annual basis for Irish newspapers.[17] Landmark Media Investment newspapers received ABC circulation statistics for 2012 with most ABC circulation statistics showing declines. In 2013, Landmark Media Investments pulled the majority of their newspapers from the ABC circulation statistics.[18][19]

April 2014 Job cuts

In April 2014, Landmark Media Investments announced 55 - 60 job cuts.[3][20] The job cuts were mainly caused because of efficiencies due to the centralisation of activities in Cork.

June 2015 Job cuts

In June 2015, further job cuts occurred at the Roscommon Herald. [21]

2013 Financial Accounts

In December 2014, Landmark Media Investments published their 2013 accounts. There was a €700,000 loss for the period. There was a bank loan of €19.5 million carried over from Thomas Crosbie Holdings. There was a further €1 million loan from its parent company, Rinvery Ltd. A deficit of €2.8 million relating to the legacy TCH pension scheme will be reflected in the 2014 accounts. The directors believe that there is enough "resources" for 2014. [22] [23]

Benchwarmers Acquisition

In mid 2015, Landmark Media Investments acquired Benchwarmers.ie. Benchwarmers.ie is a “sports and banter” site. [24]

Red FM Loan

Red FM's parent is Siteridge Ltd which is owned by investors including Vienna Investments and Sappho Ltd. Sappho Ltd is owned by Landmark Media Investments. Sappho Ltd provided a loan of €1.3 million to Red FM. The loan was an interest free loan. Siteridge Ltd made a loss in 2014. [25]

Current newspaper investments

Radio investments

Digital investments

References

  1. 1 2 "Receiver appointed to publisher of Irish Examiner - RTÉ News". Rte.ie. Retrieved 2013-08-18.
  2. ↑ "TCH to restructure with job losses at Webprint". Cork Independent. 2013-03-07. Retrieved 2013-08-18.
  3. 1 2 "Irish Examiner group to shed about 50 jobs in restructuring - Marketing News | Daily Media Trends & More | The Irish Times - Wed, Apr 16, 2014". irishtimes.com. Retrieved 2014-05-27.
  4. ↑ https://www.irishtimes.com/business/media-and-marketing/irish-examiner-owner-landmark-media-makes-700-000-loss-1.2031591
  5. ↑ Ciaran Hancock (2013-03-11). "Newspaper printer prepares legal challenge - Marketing News | Daily Media Trends & More | The Irish Times - Mon, Mar 11, 2013". The Irish Times. Retrieved 2013-08-18.
  6. ↑ "Printing firm sues over loss of contract with TCH media group". Independent.ie. 2013-03-20. Retrieved 2013-08-18.
  7. ↑ "Court hears of row over Irish Examiner offices - RTÉ News". Rte.ie. Retrieved 2013-08-18.
  8. ↑ "Irish Examiner ordered to vacate Cork offices - RTÉ News". Rte.ie. Retrieved 2013-08-18.
  9. ↑ http://www.irishexaminer.com/property/commercial/plenty-of-opportunity-at-city-quarter-development-in-cork-423377.html
  10. ↑ http://www.irishtimes.com/news/ireland/irish-news/accountant-sues-over-alleged-unfair-dismissal-by-thomas-crosbie-holdings-1.1853269
  11. ↑ http://www.irishexaminer.com/ireland/publishers-seek-to-appeal-eat-ruling-on-employee-312374.html
  12. ↑ "The Irish Times joins Crosbies in 'Post' bid". Independent.ie. 2013-03-31. Retrieved 2013-08-18.
  13. ↑ "Crosbies pull out of bid to buy 'Sunday Business Post'". Independent.ie. 2013-04-28. Retrieved 2013-08-18.
  14. ↑ "Commercial Radio Licensing: Expressions of Interest Update « Broadcasting Authority of Ireland". Bai.ie. Retrieved 2013-08-18.
  15. ↑ "Commercial Radio Licensing: Expressions of Interest Update « Broadcasting Authority of Ireland". Bai.ie. Retrieved 2013-08-18.
  16. ↑ "DETERMINATION OF MERGER NOTIFICATION M/13/033 -Sappho/TCH" (PDF). 16 January 2014. Retrieved 2014-06-28.
  17. ↑ "Home - ABC". abc.org.uk. Retrieved 2014-05-27.
  18. ↑ "Product Page - ABC". abc.org.uk. Retrieved 2014-05-27.
  19. ↑ "Product Page - ABC". abc.org.uk. Retrieved 2014-05-27.
  20. ↑ "Irish Examiner newspaper group to shed up to 60 jobs - Independent.ie". independent.ie. Retrieved 2014-05-27.
  21. ↑ http://www.boyletoday.com/more-redundnacies-at-roscommon-herald/
  22. ↑ https://www.irishtimes.com/business/media-and-marketing/irish-examiner-owner-landmark-media-makes-700-000-loss-1.2031591
  23. ↑ http://www.independent.ie/business/media/publisher-of-irish-examiner-loses-700000-30814952.html
  24. ↑ http://www.irishtimes.com/business/media-and-marketing/landmark-media-acquires-sports-and-banter-brand-benchwarmers-1.2301005
  25. ↑ http://www.irishtimes.com/business/media-and-marketing/cork-s-red-fm-expected-to-become-profitable-this-year-1.2059579
  26. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 "Landmark Media". landmarkmedia.ie. Retrieved 2014-06-28.
  27. ↑ http://www.irishtimes.com/business/media-and-marketing/landmark-media-acquires-sports-and-banter-brand-benchwarmers-1.2301005

External links

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