More ominous newspaper news…We have no plans to sell at this stage says Gavin OReilly, announced this morning as his fathers successor as CEO of Independent News and Media, the owners of the creaking media empire including the Independent in London, the Irish Independent in Dublin and its tiring cash cow the Belfast Telegraph. Father Tony ( a.k.a. Sir Anthony) has come under tremendous pressure to wrap up his feud with telecoms tycoon Denis OBrien who had fiercely opposed Sir Anthony’s strategy of selling off profitable bits of the empire to shore up the Independent. Is it a truce or a final defeat for the OReillys as two family members step down from the board and three OBrien nominees take their place? While the Bel Tel’s position is probably as close to safe as it gets in these turbulent days, strategy for the group is now in the melting pot. Not along ago, Gavin called O’Brien ” a gnat.” o longer. From the Guardian report
O’Reilly is burying the hatched with arch-rival telecoms billionaire Denis O’Brien who will be given three seats on a slimmed down board of directors. The move is designed to help INM out of the financial abyss it is facing – its share price continues to be battered on the Dublin stock exchange where it closed yesterday at just 10cents compared to a year high of E2.43.. Tony O’Reilly remains the largest shareholder.
The INM group seems to have been caught in the hop, with the Independent carrying the Press Associations report rather than their own story. At least the Indy uses one of their own by lines, presumably because of the Dublin newsbreak early this morning.