The Irish Post newspaper, which was saved from liquidation nearly two years ago, has bought a shareholding in the Irish Voice newspaper and Irish America magazine in New York, which have been run by Niall O'Dowd.

Describing the purchase as "a significant interest", the Post's publisher, Elgin Loane, said: "In this age of the global diaspora, it makes perfect sense to link the two leading Irish diaspora publications in the world.

“We believe there is a great future for the Irish brand abroad in print, online and in creating networks . Our success in reviving the Irish Post has led to new ways to create those opportunities.”

Last night, Mr O’Dowd, who will speak shortly at an Irish Post dinner for the business community in London, said there “are many outstanding opportunities” to expand the “Irish” brand in print and on online, along with developing social media networks on the back of such brands.

The deal marks a significant turn-around in the fortunes of the Irish Post, which was put into liquidation by its then owner, Thomas Crosbie Holdings in August 2011.