Independent News to acquire Irish newspaper
By Erina Lin, Wednesday 19 December 2007 at 23:48 :: Media Ownership :: #1001 :: rss
Independent News & Media said Wednesday it would acquire Irish regional newspaper, the Sligo Champion.
The Ireland-based group, which has operations in Ireland, Britain, South Africa, Australia, New Zealand and India, did not disclose the amount of the deal.
According to a market source, the acquisition was estimated to be worth over 20 million euro, or US $38.8 million.
"The paper is one of Ireland's oldest and leading regional titles and would be a good addition to our portfolio of Irish regional titles," said Vincent Crowley, chief executive of Independent News & Media Ireland, in a statement.
Independent News said the deal was subject to due diligence and regulatory approval.
Additionally, Chief Executive Anthony O'Reilly announced last week he had raised his personal holding stake in the publishing group to 26.50 percent.
O'Reilly said he had purchased one million shares, or 0.12 percent of the total at 2.3255 euro per share, nzherald.co.nz reported.
O'Reilly, his family and associates totally control around 28 percent of the group.
Irish telecoms guru Denis O'Brien has also been building up his stake in Independent News in recent months. He holds a 14.5 percent stake, making him the second biggest shareholder of this group.
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