O'Brien ups stake in Independent
By Leah McBride Mensching, Thursday 10 January 2008 at 22:35 :: Media Ownership :: #1089 :: rss
Irish media and telcoms businessman Denis O'Brien has raised his stake in Independent News & Media PLC to 16.43 percent Thursday.
This is the second time in recent weeks O'Brien has raised his stake in the media company, which owns the Independent and Independent on Sunday in the United Kingdom.
Earlier this week, O'Brien raised his holdings to 15.37 percent. Independent News and Media's board views O'Brien as a dissident shareholder. The largest shareholder is the group's Chief Executive, Anthony O'Reilly, who has a 26.5 percent stake in the group, Reuters reported.
O'Reilly's son, Gavin O'Reilly, is chief operating officer of INM, and also president of the World Association of Newspapers' executive committee and board.
A spokesman told MediaGuardian that the papers remain “substantial calling cards” in the group's campaign to acquire new titles around the globe, especially in India and South Africa.
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