The sale follows that of Trinity's recent disposal of the Dublin-based Sunday Business Post newspaper, which the publisher sold to the newspaper group Thomas Crosbie Holdings, publisher of the Irish Examiner, for 拢6.1m in April.
The Ethnic Media Group publishes a number of titles including New Nation, African Eye and the Caribbean Times.
Trinity Mirror, which owns the Daily Mirror, Sunday Mirror and The People, announced a 10% year-on-year drop in its advertising revenue at the end of last week.
However, the publisher, which suffered a particularly hard year in the South East, said that May and June were showing slightly more positive progress and reported a 0.4% increase in ad revenue compared with the first four months of the year.
The management buyout team was led by Gurmeet Khangura, chairman of EMG since 2000 and formerly the managing director of the regional newspaper publisher South News.
"We went to Trinity with an offer to buy them out because niche business titles like EMG needs a lot of flexibility which is sometimes difficult in a very large group,鈥 said Khangura.
He added that EMG will be looking to expand via the acquisition of other similar businesses in the market, and also hinted that there are some new launches in the pipeline. "It鈥檚 possible we'll target other interest groups, possibly the Chinese community," he said.
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