A buyer is believed to have been found for an independent weekly which was threatened with closure – prompting a regional publisher to suspend the planned launch of a rival title.
The Penrith-based Herald went into voluntary administration a fortnight ago after 160 years of publication, with six members of staff made redundant as a result, although the paper has continued to publish as normal during the process.
But now HTFP understands administrators from KPMG have secured a deal with an as-yet unnamed party for the business.
Newsquest has announced it is suspending publication of its new title as a result.
The company had yesterday pledged to create jobs new jobs in Penrith to add to its existing reporting team of 34 in Cumbria.
HTFP has approached Newsquest for clarification on whether it still intends to recruit journalists in the area.
After Newsquest announced the launch of the Gazette yesterday morning, the Herald hit back with a rallying call to readers and advertisers, with editor Emily Atherton saying they needed their support “now more than ever”.
Joint administrator Howard Smith also revealed he had received a number of offers for the business.
Both the Herald and KPMG have declined to comment at this stage.