Friday 24 May 2019

INM confirms approach from potential buyer

Photo: Arthur Carron
Photo: Arthur Carron
Gavin McLoughlin

Gavin McLoughlin

Independent News & Media has received an approach from a potential buyer.

The company told the stock market that it had “received an approach in relation to a possible offer for the company”.

“Discussions are at a preliminary stage and there is no certainty that any offer will be made, or as to the terms of any such offer,” the company said. It did not name the interested party.

German group Axel Springer and Norwegian company Schibsted have previously been speculated about as potential buyers of INM, the largest private media group on the island of Ireland which publishes titles including the Irish Independent, Herald, Sunday Independent, Belfast Telegraph, Sunday World and Independent.ie.

Last week INM reported profit before tax of €24.1m for 2018, ahead of market expectations.

INM’s total revenues last year were €191m, down 2.1pc on the prior year. The business has a cash pile of €81.7m at the end of December.

The company’s biggest shareholder is Denis O’Brien, who owns 29.9pc of INM.

Shares in the company spiked on the back of the announcement, and were up as much as 34pc.

Online Editors

Also in Business