Eastern Eye, one of Britain's leading ethnic minority newspapers, was dramatically rescued today just hours after its parent company placed the Asian weekly into administration.
Journalists at the east London-based national newspaper were left facing an uncertain future on Wednesday after Ethnic Media Group placed the publication and its sister paper New Nation into administration after months of falling advertising revenues.
Asian Media and Marketing Group, a rival media company which publishes a string of magazines aimed at Britain's Asian communities, snapped up the paper yesterday for an undisclosed sum.
Kalpesh Solanki, the managing editor of Asian Media & Marketing Group, said he expected to employ between 10 and 15 staff on the newly acquired title. Eastern Eye editor Hamant Verma, 30, will stay with the newspaper.
Administrators for New Nation were still looking for a buyer last night but said a number of parties were interested. The New Nation caters to Britain's Afro-Caribbean communities and its latest edition this week was dominated by the inauguration of Barack Obama. It will not appear on the shelves again until a buyer is found.