The Tuam Herald, one of the oldest regional newspapers in Ireland, has been put up for sale for a price of €8 million and €10 million and is expected to be sold by the end of 2008, Galway First reported Sunday.

The County Galway-based Herald is the third family-run, Irish newspaper to be put up for sale in 2008. The Sligo Champion was bought by Independent News & Media for €20 million, while The Mayo News is still up for sale for about €8 million.

The Herald has a staff of 15 and a circulation of 9,600, according to The Sunday Business Post. Its turnover amounts to €1.8 million, while its revenue before tax deductions is nearly €600,000.

At the moment, David and Iain Burke run the paper, the family's third generation since its establishment in 1837, Galway First reported.

The Mayo News and the Herald sales are both to be handled by Raglan Capital. Potential buyers include INM, Celtic Media Group and Thomas Crosbie Holdings.

Local newspapers have become cheaper due to a decline in classified ads and other information sources like the radio or new newspapers. Some radio stations are to be sold as well, reported The Sunday Business Post.