One of the Netherlands' wealthiest people and owner of the free daily De Pers, Marcel Boekhoorn, bought a five percent stake in Telegraaf Media Group (TMG), Newspaper Innovation reported Wednesday.

TMG publishes De Telegraaf, local newspapers, free daily Spits and free local weekly papers. The group also publishes magazines and has a large stake in Sky Radio in the Netherlands.

Boekhoorn said he believes TMG's profits can be improved, according to Newspaper Innovation.