The Eastern Eye newspaper has been sold to the Asian Media and Marketing Group, after going into administration
The Asian newspaper, along with African-Caribbean paper New Nation, been placed in administration earlier this week..
However, last night a deal was made between Eastern Eye’s parent company, the Ethnic Media Group, and the Asian Media and Marketing Group.
Asian Media and Marketing Group managing editor Kalpesh Solanki said: “We are firmly committed to building and investing in Eastern Eye and its associated assets.
“We believe this acquisition will strengthen our reach into the Asian community and we look forward to growing this market-leading title.”
Eastern Eye, which caters for the Indian, Pakistani, Sri Lankan and Bangladeshi communities, was founded in 1989.
Its editor, Hamant Verma, said the title was a “sleeping giant”.
“Now that we no longer have to subsidise New Nation, I hope that Eastern Eye may at long last have the resources to realise its full potential,” he said.
Ethnic Media Group sold another one of its titles, Asian Times, in December 2006 before relaunching Eastern Eye with regional editions.
Ethnic Media Group managing director Wayne Bower was today unavailable for comment.
The next edition of Eastern Eye will be published on Friday.