— Brian Nolan (@BrianNolan1974) August 24, 2014
And why he doesn’t need to own the Irish Times.
“The deal might appeal to O’Brien for other reasons. The [Grand Canal] theatre is one of the best modern buildings in Ireland. It would be a shame to see it lost to the State until its lease runs out in 2207 if it was acquired by an international buyer.
O’Brien is a fan of good architecture so he can also appreciate its aesthetic value. The talented Seán Billings, who died in 2012, was facade consultant on the theatre’s remarkable visage and on O’Brien’s notable Digicel headquarters in Jamaica.
O’Brien is at his peak in business terms for the next few decades but perhaps he is thinking even further ahead by bidding for the theatre. It is a good business to own but it would be an incredible asset to ultimately bequest to the State. It would be quite the final act if the billionaire was so minded.”
*attempts to uncurl toes*
The early edition of the Sunday Independent on July 20, 2014 (top) and Stephen Rae, group editor of INM (above)
Further to SindoGate…
The order to stop the presses was made by Stephen Rae, the group editor of INM’s titles, after he was informed by a senior journalist about the contents of the column written by Anne Harris, the newspaper’s editor.
The decision to change Harris’s copy against her wishes led to a heated discussion in the newsroom shortly after 7pm last Saturday, according to sources in the newspaper. Explaining why the presses had been stopped, Campbell Spray, the newspaper’s executive editor of operations, told colleagues Rae was his “ultimate boss”.
Mark Tighe, Sunday Times (behind paywall),
Bewildered Student writes:
“Where the hell is the NUJ [National Union of Journalists]?”
(Mark Stedman/Photocall Ireland)
Today’s Irish Sun
In today’s Irish Sun, (behind paywall), Neil O’Riordan writes:
“Business tycoon Denis O’Brien coughs up a staggering 70 per cent of [Martin O'Neill and Roy Keane's] pay packets – which amounts to €910,000 of the combined €1.3million wages.
“We have learned that O’Neill earns a cool €1million a year while sidekick Keane collects €300,000 per annum.”
Meanwhile, RTÉ reports:
“The Football Association of Ireland secured a debt write-down of €11.7 million, delegates at their Annual General Meeting in Athlone heard today.”
“Today’s AGM was Chief Executive John Delaney’s tenth at the helm of the Association, a period that has been financially challenging for the FAI. In his review of the year, he said the highlight was the refinancing of the stadium debt. The Board recently asked Delaney to continue as chief executive for another five years, a move that’s expected to cost the association €1.8 million or €360,000 a year.”
The Sunday Independent early edition (top) and later editions (above)
The current edition of The Phoenix magazine claims that Sunday Independent editor Anne Harris has agreed early severance terms with Independent News and Media and will leave in October.
Yesterday’s Sunday Independent published an opinion piece by Ms Harris claiming that The Phoenix article was entirely incorrect, saying: ‘the whole story is a lie’.
However Ms Harris’ column in the Saturday Night Edition of the Sunday Independent – which reaches shops in Dublin on Saturday night – was different the paper’s later edition – which usually reaches shops nationwide early Sunday morning. to wit:
Gavin Sheridan, of TheStory.ie, writes:
There was one critical paragraph that was substantially edited between editions (there are other changes too but I think this is the more significant). The early edition of the paragraph was written thusly (emphasis mine):
‘Since, as I pointed out earlier, none of this is true, I am clearly not the only one defamed. Denis O’Brien is the major shareholder in INM. In theory, with 29pc of the shares, he does not control it. In practice, he does.
But in the later edition of the paper, it said:
‘Since, as I pointed out earlier, none of this is true, I am clearly not the only one defamed. Denis O’Brien is the major shareholder in INM. In theory, with 29pc of the shares, he does not control it.’
I’m not sure this clearly significant change could be blamed on an over zealous sub-editor. The meaning of the entire paragraph has been altered. Why was the column changed and by whom? Was it done with the permission of the editor and author? Which column represents the truly held beliefs of that author? Surely it can’t be both?”
The purchase of three major Irish businesses over the past two years by the billionaire businessman Denis O’Brien involved total bank write-offs of more than €300 million.
The deals saw the businessman invest €230 million to acquire the Siteserv Group, the Topaz Group and the Beacon Private Hospital.
The Siteserv deal saw the State-owned Irish Bank Resolution Corporation, which is now in liquidation, write off €110 million of the €150 million it was owed. Mr O’Brien’s move to become the major shareholder in the Topaz Group earlier this year involved the IBRC writing off slightly more than half of the €304 million it was owed.
[Former Taoiseach Brian Cowen speaks with Denis O'Brien at the end of the Global Irish Economic Forum in September 2009]
Brian Cowen has been appointed to the board of Denis O’Brien’s Topaz.
— Tom Lyons (@TomLyonsBiz) May 2, 2014
Or buy Topaz ‘short’ but sell ‘long’?
Maybe get out of fossil fuels altogether?
Previously: Topaz The Morning To You
Sasko Lazarov/Photocall Ireland
Sean Penn, founder and CEO of the J/P Haitian Relief Organization and Digicel’s Denis O’Brien discuss the global effort to provide assistance to Haiti at the Milken Institute Global Conference in Beverly Hills.
It’s not a caption competition until
our lawyer you say so.
…And two-time Academy Award winner Sean Penn [with the Executive Director of NGO Frontline Deefenders, Mary Lawlor] in City Hall, Dublin this morning
Via Sinéad Crowley
Sean Penn and Emer Costello
TD MEP getting billionaire photobombed.
Via Emer Costello
Denis O’Brien is on course to become the fourth largest player in the UK radio market after buying eight stations from Global Radio in a deal believed to be worth £35million.
The Guardian reports:
O’Brien’s media company Communicorp, which runs 40 radio stations across eight countries including Ireland, has picked up the stations that Global Radio has been forced to sell off by competition regulators following its £70m acquisition of GMG Radio.
Communicorp has acquired Smooth East Midlands, Smooth North West, Smooth North East, Capital Scotland, Capital South Wales, Real Radio North Wales, Real Radio Yorkshire and Real XS Manchester. The eight stations have a combined audience of 2.8 million listeners.