Sunday Tribune Off The Shelves

One of Ireland's major newspaper titles has less than four weeks to find an investor or it will close down.

The Sunday Tribune will not be published for the next month while a receiver searches the globe for a possible buyer.

The newspaper has been published for over 30 years, and is regarded as one of the highest quality publications on the Irish market.

However, it has been loss-making for several years, kept afloat only by funding from Independent News and Media, which owns 29.9% of the company.

IN&M, which is owned by Sir Anthony O'Reilly, is owed about €40m and it announced last week it was not in a position to continue funding the Tribune.

The paper employs 43 people, and salaries will be paid for the next four weeks to ensure the quality journalists and other staff are retained.

But the future beyond that remains uncertain.

The Sunday Tribune currently sells less than 60,000 copies per week, and is losing up to €2.7m a year.

Its advertising revenues, which were heavily dependent on property and real estate, have collapsed dramatically in recent years.

Staff at the paper were aware of its precarious financial position, but there has been speculation about its future many times in the past.

"Nothing prepares you for the horrible shock," said editor Noirin Hegarty, adding that it was awful that it would not be published during the election, while a buyer was being sought.

The receiver, Jim Luby, has advertised the paper as a going concern in other Irish and international media including The Guardian and The Financial Times.

"We will see what interest there is, we will give it every chance" he said.

The Sunday newspaper market in Ireland is crowded, with up to 17 titles.

Another Sunday title, the Star on Sunday closed down in recent weeks.