The Galloway Gazette comprises two paid-for weeklies, the Galloway Gazette and the Carrick Gazette, while the Stornoway Gazette comprises the paid-for weekly, the Stornoway Gazette & West Coast Advertiser.
The combined net assets of the two businesses were £1.2m at the end of 2001.
Johnston Press also said it sold the Wee County News, a paid-for weekly based in Alloa, to the title's management.
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