The current edition of The Phoenix magazine reports that the launch of a €40million rights issue, which will lead to banks writing off €141million in loans to Independent News and Media, may see Denis O’Brien’s shareholding in INM rise from 30% to 60%.
It’s believed Mr O’Brien spent €600m building up his 30% shareholding in the company, which owns, amongst other media outlets, the Irish Independent, the Sunday Independent, The Herald, Sunday World, The Star, and 13 regional weekly titles.
Mr O’Brien’s Communicorp Groups owns Newstalk, Today FM, 98FM, Spin 1038, Spin South West and Highland Radio.
Meanwhile, Tánaiste and Labour leader Eamon Gilmore is scheduled to pose for photographers with Denis O’Brien tomorrow, at the opening of an international human rights conference, called Dublin Platform, organised by Front Line Defenders, which is chaired by Mr O’Brien.
Previously: A €140m Write-Off From Bank Of Ireland And AIB