Founded 2013 | ||
Landmark Media Investments is a holding company owned by Tom Crosbie and his father Ted Crosbie with Irish newspaper, radio and digital investments.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.
Contents
- Legal cases
- Bid for Sunday Business Post
- Beat 102 103 license renewal
- Radio Licences
- ABC Exit
- April 2014 Job cuts
- June 2015 Job cuts
- 2013 Financial Accounts
- Benchwarmers Acquisition
- Red FM Loan
- 2017 KPMG Appointment
- Newspaper investments
- Radio investments
- Digital investments
- References
Landmark Media Investments employs 554 as at March 2013. This was set to reduce to around 500 as at April 2014. The number of staff employed has since fallen to 420.
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. The case was sent to the Commercial court by Judge Peter Kelly subject to WebPrint supplying evidence of funds to cover the case.
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. On 16 May 2013, Landmark Media Investments were given a High Court order to vacate their premises. The floors occupied were vacated. The building was put up for sale, by the owners, in September 2016.
On 3 July 2014, Landmark Media Investments, Thomas Crosbie Holdings and Post Publications LTD were involved in an unfair dismissal lawsuit. In February 2015, the verdict, against Post Publications, was appealed.
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 was expected to form a joint venture with The Irish Times if it succeeds.
It was reported on 28 April 2013, that Landmark Media Investments have pulled out of the bidding for the Sunday Business Post. 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.
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.
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, 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. 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.
April 2014 Job cuts
In April 2014, Landmark Media Investments announced 55 - 60 job cuts. 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.
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.
Benchwarmers Acquisition
In mid 2015, Landmark Media Investments acquired Benchwarmers.ie. Benchwarmers.ie is a “sports and banter” site.
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.
2017 KPMG Appointment
In February 2017, it was reported that Landmark Media Investments had appointed KPMG. A range of options were being considered including an Independent News and Media (INM) "link" with the Irish Examiner.