Times-Shamrock Communications announced its agreement in principle to buy the Virgin Islands Daily News, Editor & Publisher reported Wednesday.

The 8,500-circulation daily newspaper covers the U.S. Virgin Islands and part of the British Virgin Islands, and is based on the island of St. Thomas.

Times-Shamrock placed the top bid to buy the Daily News, which is being sold in a Chapter 11 bankruptcy proceeding against Innovative Communication Corp, its parent company, E&P reported. It will be the Times Shamrock's eighth daily newspaper.

“The U.S. and British Virgin Islands are great markets, and The Daily News is the dominant source for local news and entertainment,” George Lynett Jr., publisher of the Times-Shamrock's The Daily Review, said in a statement.