The Irish Times has increased its stake in the Gazette Group from 43.8 percent to more than 50 percent, to become the controlling stakeholder, the Sunday Business Post reported Sunday.

The Gazette Group, which publishes eight newspapers in the area surrounding Dublin, and the Irish Times are awaiting final clearance on the deal from Ireland's Competition Authority. The actual stake is in Relevance Publishing, a holding company behind Gazette's newspaper group.

The deal's value has not been disclosed, but an investigation by the Irish Times last year stated that the initial investment in 2007 of 43.8 percent was worth about €2.5 million, according to the Sunday Business Post.

Currently, Gazette publishes seven titles in the Dublin area, in Swords, Malahide, Dun Laoghaire, Dundrum, Clondalkin, Lucan and Blanchardstown. The eighth will be Castleknock Gazette, and is set to be launched this week.

The 2007 deal states that the Irish Times can increase its stake to 53.8 percent in 2010, and to 76 percent in 2012. After that, it has the option to buy out the remainder, the Sunday Business Post reported.