Landmark Media Investments

Landmark Media Investments was an Irish private media holding company established in February 2013 by Tom Crosbie and his father, Ted Crosbie. The business operated through Rinvery Ltd. and was formed in the aftermath of the receivership of Thomas Crosbie Holdings, the long-standing Cork-based media group associated with the Crosbie family. In March 2013, Landmark acquired a number of assets formerly held by Thomas Crosbie Holdings and became a significant owner of regional newspapers, radio stations and digital publishing businesses in Ireland. Its newspaper portfolio included the Irish Examiner and Evening Echo, as well as regional titles such as the Roscommon Herald, Western People, Waterford News & Star, The Nationalist, Kildare Nationalist and Laois Nationalist. It also owned or held interests in radio businesses including Beat 102-103, WLR FM and Red FM. Digital assets included BreakingNews.ie and RecruitIreland.com, while the group also pursued the acquisition of the sports and entertainment website BenchWarmers.ie. Landmark's business was built during a difficult period for Irish traditional media. Newspaper circulation was under pressure, and the company withdrew most of its titles from the Audit Bureau of Circulations reporting system in 2013. The group also undertook centralisation and restructuring, including job reductions in 2014 and further reductions at the Roscommon Herald in 2015. Financial pressures remained significant. Accounts disclosed losses, inherited borrowing and pension-related liabilities, while the Wexford Echo newspaper operation entered liquidation in 2017. The company explored a number of strategic options, including a possible bid for the Sunday Business Post, acquisitions in digital publishing and restructuring or disposal of parts of its portfolio. From 2017 onward, Landmark pursued a sale of the wider group. The Irish Times emerged as the eventual purchaser, while other media groups were reported as interested in individual newspaper, radio or digital assets. The proposed transaction required review by the Competition and Consumer Protection Commission, ministerial approval and broadcasting regulatory consent. The acquisition was completed on 10 July 2018, transferring Landmark's remaining media interests to The Irish Times and ending the Crosbie family's ownership of those assets. Landmark Media Investments is therefore best understood as a former Irish media holding company rather than an active consumer-facing brand.

Landmark Media Investments emerged in February 2013 from the financial restructuring of the Crosbie family's Irish media interests. It was owned by Tom Crosbie and Ted Crosbie through Rinvery Ltd. and acquired several assets of Thomas Crosbie Holdings in March 2013. The new company inherited a broad portfolio spanning print, broadcasting and digital media, including the Irish Examiner, Evening Echo, regional newspapers, radio stations and online publishing properties. The company operated in a challenging Irish media environment marked by falling print circulation, advertising pressure and high legacy obligations. Landmark's workforce numbered 554 in March 2013, declined to approximately 500 by April 2014 and later fell to about 414 at the end of 2017. In April 2014, management announced between 55 and 60 job cuts, largely linked to the centralisation of operations in Cork. Additional reductions were reported at the Roscommon Herald in 2015. Landmark also faced litigation involving premises, contracts, employment matters and labour relations. These cases included a High Court order in May 2013 requiring the company to vacate premises in Cork and a 2017 Labour Court matter brought by the National Union of Journalists concerning pay and working-hour conditions. The group considered expansion as well as retrenchment. In 2013 it submitted an initial proposal for the Sunday Business Post but withdrew from the bidding process. Its radio interests underwent regulatory review, and Beat 102-103 ultimately secured a further ten-year broadcasting agreement. Landmark also sought to acquire BenchWarmers.ie, a sports-focused website, with the transaction receiving regulatory clearance in 2017. Its digital portfolio included BreakingNews.ie and RecruitIreland.com. Financial disclosures showed continuing strain. Landmark reported a loss for 2013 and carried borrowing inherited from Thomas Crosbie Holdings, as well as pension-related liabilities. By 2017, Wexford Echo Limited, the subsidiary publishing several southeast regional titles, had entered liquidation. The company owed money to AIB and to Landmark, and most staff were subsequently made redundant. Landmark also stopped contributions to the Irish Examiner pension scheme during the sale period, with the scheme scheduled for winding up. In 2017, Landmark appointed KPMG advisers and began considering a sale or restructuring of the group. The Irish Times and other media organizations were linked to the process, while several companies were reportedly interested in separate regional, radio or digital assets. The proposed sale to The Irish Times involved competition review, broadcasting approvals and ministerial consent. The Competition and Consumer Protection Commission conducted a Phase 2 review of the Irish Examiner transaction before clearing the wider deal. Minister Denis Naughten approved the transaction in June 2018, and the sale completed on 10 July 2018. The Irish Times thereby acquired Landmark's remaining media interests, while the Crosbie family's period of ownership ended and Landmark ceased operating as an independent media group.

• 2018

  Sale to The Irish Times completed

  [1]Landmark Media Investmentsen.wikipedia.org

  The Irish Times completes its acquisition of Landmark's media interests on 10 July.

• 2017

  Wexford Echo Limited enters liquidation

  [1]Landmark Media Investmentsen.wikipedia.org

  The subsidiary publishing several Wexford-area titles enters liquidation, with redundancies following.

• 2014

  Operational restructuring announced

  [1]Landmark Media Investmentsen.wikipedia.org

  The group announces approximately 55 to 60 job cuts connected mainly with centralisation in Cork.

• 2013

  Landmark Media Investments is established

  [1]Landmark Media Investmentsen.wikipedia.org

  Tom and Ted Crosbie establish the holding company through Rinvery Ltd. to own Irish media assets.

• 2013

  Former Thomas Crosbie Holdings assets acquired

  [1]Landmark Media Investmentsen.wikipedia.org

  Landmark acquires a portfolio of newspaper, radio and digital interests from Thomas Crosbie Holdings.

A privately owned Irish regional-media group combining newspapers, radio broadcasting and digital publishing assets.

• Newspaper

  Irish Examiner

  A national Irish newspaper and Landmark's principal national print asset. It was among the businesses transferred to The Irish Times in the 2018 acquisition.

• Newspapers

  Regional newspaper portfolio

  The portfolio included the Evening Echo, Roscommon Herald, Western People, Waterford News & Star, The Nationalist, Kildare Nationalist and Laois Nationalist. Landmark also owned Wexford-area titles through Wexford Echo Limited until that subsidiary entered liquidation.

• Radio broadcasting

  Radio interests

  Landmark owned or held interests in Beat 102-103, WLR FM and Red FM. Beat 102-103 and WLR FM were held through Sappho-related structures, while Landmark's interest in Red FM was indirect and minority-based.

• Digital news

  BreakingNews.ie

  An Irish digital news publication forming part of Landmark's online media portfolio before the group sale to The Irish Times.

• Digital recruitment

  RecruitIreland.com

  An online recruitment property included among Landmark's digital interests.

• Digital sports media

  BenchWarmers.ie

  A sports and banter website that Landmark sought to acquire in the mid-2010s. The proposed transaction received Competition and Consumer Protection Commission clearance in 2017.

• 2018

  Complete sale to The Irish TimesM&A

  Background

  The proposed acquisition required regulatory clearances, including review of The Irish Times' control of the Irish Examiner.

  Action taken

  Landmark transferred its remaining media interests to The Irish Times on 10 July 2018.

  Aftermath

  The Crosbie family ceased to own the media assets and Landmark ceased operating as an independent media holding company.

  Source

• 2017

  Begin formal sale process for the media groupM&A

  Background

  Financial pressure, legacy liabilities and the liquidation of Wexford Echo Limited contributed to a review of Landmark's future.

  Action taken

  Landmark appointed KPMG advisers and negotiated the sale of its newspaper, radio and digital interests to The Irish Times.

  Aftermath

  The transaction received competition, ministerial and broadcasting approvals and closed in July 2018.

  Source

• 2013

  Withdraw most newspaper titles from ABC reportingOther

  Background

  Landmark's newspapers had received declining circulation figures for 2012, and the Irish print market was under pressure.

  Action taken

  The company removed most of its newspaper titles from the Audit Bureau of Circulations reporting system.

  Aftermath

  The decision reduced the public availability of independently reported circulation data for most Landmark titles.

  Source

• 2013

  Withdraw from Sunday Business Post biddingOther

  Background

  Landmark submitted an initial proposal during the examiner's process for the Sunday Business Post and was expected to work with The Irish Times if successful.

  Action taken

  Landmark withdrew from the bidding process and did not acquire the newspaper.

  Aftermath

  The proposed expansion into another major Irish newspaper was abandoned.

  Source

1. 1Landmark Media Investmentsen.wikipedia.org