Managing Director, Matt Ramsbottom insisted the move was not a fire sale, but an opportunity for further investment in the 168-year-old title.
"It's essential for the town to secure the future of the Oldham Evening Chronicle," Mr Ramsbottom said in an email to staff. "The title is an integral part of Oldham, telling the stories of our readers, providing a historical record of the town, and working with partners and charities to promote our borough.
"The Chronicle is an important voice in Oldham, always on the side of our readers, holding our politicians to account, and promoting the best of the town.
"Our readers don't just like the Chronicle, they love it. And we have supportive customers and partners who love our digital and print products."
The Oldham-based managing director said trading times have been tough throughout the Covid pandemic, but it was now time to strengthen investment in the title.
"Like many SMEs, we were affected by the Covid outbreak, and had the added challenge of disposing of our core radio business, Revolution 96.2 at the height of the pandemic."
Operations Manager, Andrew Whitehead, whose family have been involved in the Oldham Chronicle for seven decades said the time was right to re-invest in the digital and print products.
"It's an exciting time in the history of the Chronicle. There have been many changes to the title since my father first began work as a photographer in the 1950s.
"We're a proud local business, employing staff from Oldham and based entirely in the town. Having helped develop a five-year business plan, I know we can secure the future of the Chronicle and continue to serve the town through challenging times."
It's understood Credible Media is "in talks" with interested parties, and continues to work with the NatWest Bank in securing the future of the business.
