Asian newspaper Eastern Eye has been sold by its owner Ethnic Media Group (EMG) to another company, AIM magazine can exclusively reveal. The deal was completed today afternoon.

Eastern Eye is now owned by Asian Media & Marketing Group (AMG), which also publishes Garavi Gujarat, GG2 Life magazine, Asian Trader and other publications in the UK.

EMG’s other flagship publication, New Nation, which is aimed at British Africans and Carribeans, is still up for sale.

Although the company has yet to make an announcement, managing director Wayne Bower confirmed Eastern Eye’s sale to AIM Magazine today, after rumours surrounding its demise had become too loud to ignore.

He said: “AMG are a fabulous company and they have a number of positive plans going forward for the [Eastern Eye] newpaper.”

Eastern Eye staff were informed internally about the sale only earlier today. When asked if any internal announcements had been made about redundancies, Mr Bower declined to comment.

“That is all the information I can give out at this early stage,” he said. Ethnic Media Group will make an official announcement to the indsutry tomorrow.

It is unclear whether Eastern Eye’s new owners will make any major changes to the editorial direction or to staff.

It is also unclear who will take over the lucrative Asian Business Awards event, which was organised by EMG annually. Asian Media & Marketing Group already hold a similar event annual: the GG2 Leadership and Diversity Awards.

There are still strong rumours that Ethnic Media Group will go into administration unless New Nation is offloaded. Wayne Bower told AIM magazine that the company was “still actively looking for a buyer” for New Nation.

Its editor Lester Holloway said in a statement: “I’m extremely saddened that we are currently in the situation we are in. Hopefully the titles can be revived. I believe the ethnic press is much needed.”

Ethnic Media Group was owned jointly by its management. The company declined to disclose how much AMG paid for Eastern Eye.