The Star Observer, which went into voluntary administration last month, has been rescued by City Hub-founder Lawrence Gibbons.
The LGBTQI+ publication revealed last month it was facing financial troubles due to advertisers not paying their bills on time.
Gibbons' new media company Out Publications will run the oldest LGBTIQ+ newspaper in the southern hemisphere out of the same office as City Hub.
The 40-year-old publication, founded by American Michael Glyn, started at a time when homosexuality was still unlawful and the gay and lesbian community was still hurting from police attacks on the first Mardi Gras parade in 1978.
"It is finally official," Gibbons wrote on his Facebook page.
"I am now the proud publisher of the Star Observer, Australia's oldest and largest LGBTQI media outlet. Now it's time to roll up our sleeves and produce the 40th anniversary edition."
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