Scottish Radio Holdings, the publicly quoted group which owns part of Today FM, is acquiring the Ireland on Sunday newspaper and the Midland Tribune and Tullamore Tribune titles in Co Offaly in an investment worth almost £10 million (€12.7 million).

Introduced as a sport-only paper known as The Title in 1996, Ireland on Sunday is understood to have fetched just short of £8 million.

The paper has generated a circulation of more than 70,000, though it is believed to be operating at breakeven point only.

The Scottish company is believed to be paying £1.85 million for the Co Offaly titles.

No Scottish Radio Holdings spokesperson was available yesterday to comment.

Scottish Radio is also believed to be poised to buy the Roscommon Champion and Longford News titles.

Attempts yesterday to contact Mr Arnold Fanning, who owns the Tribune group and 50 per cent of the Roscommon and Longford newspapers, failed.

Attempts to reach Ireland on Sunday's chairman, Mr Paschal Taggart, and its managing director, Mr Ashley Balbirnie, also failed.