IN&M Power Duo Tussle over Newspapers' Future

20 December 2007

DUBLIN: Irish newspaper magnate Sir Anthony O'Reilly (pictured) has upped his personal stake in the Independent News & Media group to 26.5% after compatriot telecoms billionaire Denis O'Brien increased his holding to 14.5%.

The latter is urging the company to rid itself of its loss-making UK titles, The Independent and Independent on Sunday, and has called on ceo O'Reilly to resign.

O'Reilly has steadfastly resisted pressure to sell any part of IN&M, which operates in Ireland, the UK, South Africa, Australia, New Zealand and India.

In a trading update last week, IN&M said it expected full-year revenue growth of about 3%, in line with market expectations, with group advertising revenues for newspapers and online expected to rise around 4%.

Data sourced from Brand Republic (UK); additional content by WARC staff