Irish telecoms billionaire Denis O'Brien is having a busy month.

On Friday, he spent €19.4 million to increase his stake in Independent News & Media, and is now the Dublin-based media group's largest shareholder, The Australian reported today. Often labeled a "troublesome" shareholder, O'Brien now holds an 18.7 percent stake, overtaking Sir Anthony O'Reilly, whose family has a 14.7 percent share. O'Brien is also suing the Daily Mail for libel, arguing he was defamed by a January article, The Sunday Times reported yesterday.

Photo: TimesOnline.co.uk
O'Brian filed High Court defamation proceedings April 9, claiming an article, titled "Moriarty's about to report. No wonder O'Brien's acting the saint in stricken Haiti," questioned his charitable work in Haiti following the devastating earthquake there in January. He has named the Daily Mail's publisher, Associated Newspapers, and editors Paul Dacre, Paul Field and Paul Drury in the suit.

On Friday, market sources told the INM-owned Irish Independent that O'Brien acquired 168 million shares, equivalent to a 4.8 percent stake. Previously, he owned a 26 percent stake in the company.

INM's share price increased by 5.2 percent (to 14.1 cents) on Friday following the announcement of O'Brien's increased stake, according to the Irish Times.

A spokesman for O'Brien declined to comment on the purchase, and none of the articles contain comment from the O'Reilly family.( Note: Gavin O'Reilly, CEO of INM, is also president of WAN-IFRA, of which SFN is part).