Former Irish Times managing director receives €742k severance package

Former Irish Times managing director Deirdre Veldon receive a termination payment of €741,975.

Veldon stood down last September after nearly three years in the role and 30 years with the media group, including time as deputy editor. She was succeeded by former Roomex CEO Garry Moroney .

The latest accounts for the Irish Times Group -- which encompasses the Irish Times as well as the Examiner and Echo newspapers, The Gloss magazine MyHome.ie and RIP.ie -- show revenues declined 2.5% or €2.9m to €112.7m.

A €3m increase in non-publishing turnover was offset by a €3.5m decline in the publishing business and losses related to the closure of the Irish Times training business (-€1m) and the sale of WKW FM (-€1.4m), which trades as Beat FM.

Operating costs also fell from €83.7m to €79.2m as salaries declined from €50.7m to €49.8m, with a reduction in employee numbers falling from an average of 837 to 802.

The salaries of editor Ruadhan Mac Cormaic and Moroney were set at €281,000, up from €275,000 the previous year.

The group made a loss of €800,000 before tax compared to a profit of €4m in 2024 following a €3.39m profit on the Beat FM sale.

In March, the group sold a 75% interest in South East Broadcasting Company, the operator of WLR FM , to Business Plus parent Associated Newspapers.

The accounts state total cash proceeds from the sale of €546,840, and the profit on the disposal was €99,704.

At the balance sheet date, the group had net current liabilities of €1.9m and net current assets of €47.5m.

Deirdre Veldon, former managing director of the Irish Times.

In a note in the account, the group directors said newspaper circulation continues to decline and that replacing print revenue with sustainable long-term alternatives is one of its key risks.

They also noted that generative AI is evolving quickly and may "significantly impact [its] distribution and referral channels, with consequent effects on traffic and revenues.”