Independent News & Media Chief Executive Anthony O'Reilly has raised his personal stake in the newspaper publisher to 26.12 percent, while Irish telecoms billionaire Denis O'Brien has built up his stake to 14.5 percent.

In a statement Thursday O'Reilly announced he bought another 1 million shares (0.12 percent stake) at €2.156 per share. Before Monday, O'Brien owned just over 12 percent of the company, but in the past few days, he has spent €40 million on shares.

O'Brien is currently the second-largest shareholder in the Dublin-based publishing company, which operates in Ireland, the United Kingdom, Australia, New Zealand, South Africa and India, Reuters reported Thursday. He began accumulating his stake in 2006, according to a Wednesday report by RTÉ.

Compared to 2006, the company has announced it expects revenue to grow by about three percent in 2007, RTÉ reported.

Independent has stated it expects advertising revenues from newspapers and online platforms to be up by four percent, while it expects newspaper circulation to rise 1 percent. Total online revenues are expected to be up by about 70 percent, Independent announced, according to RTÉ.