Denis O’Brien crystallising a loss of about €450m on his INM investment today. https://t.co/FuHEOAElpw
— Mark Tighe (@marktigheST) April 30, 2019
The €145.4m price represents a 44% premium on its share price before INM announced it was in takeover talks.
Founded in 2013, Mediahuis is a private European media group with a strong portfolio of news media and digital brands.
It has grown rapidly through acquisitions to become a leading media player in both Belgium and the Netherlands and currently employs more than 3,200 people.
Mediahuis agrees €146m deal for Independent News & Media (RTÉ)
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redacted is swallowing a big loss on that one
He’s all about the Broadband these days.
+ €3 billion
He’s not actually making any loss. Read further into it, with the write off of debts owed to banks, we owe, he’ll actually make money.
Didn’t we bail the Indo out with taxpayers money. Somehow I don’t think his loss will be much.
Yes, we certainly did bail INM out to the tune of more than €100 million.
Mind you, DOB did invest around €500m and, unless there are secret success fees with the deal announced today (as there allegedly was when INM sold APN), DOB will be taking out less than €45m, so, on the face of it, he’s lost €450m.
But what price the suppression of reporting about his affairs? Siteserv? the Siteserv commission? Government contracts? Digicel? Moriarty? CAB? His ICAV and taxes? His insidious relationship with the FAI? His and his family’s exploits, current and past? Maybe he has had more than €500m of benefits in kind!
Hard to believe INM found a buyer. I thought they wouldn’t be able to give it away.
Oh it’s still making huge money Lilly, probably €500,000 in net after tax profit PER WEEK. Okay, newspapers, newspaper advertising and INM’s digital footprint are all declining, but that’s still a lot of moolah.
Of course, it may face litigation from now until kingdom come because of the malarkey currently being investigated by the corporate watchdog and the data protection people, but, on exclude that pesky stuff and the business is probably worth more like €200m.
Mediahuis?
https://www.mediahuis.be/wp-content/uploads/2019/01/Y18-2731_Mediahuis_Corporate-Brochure_FINAAL-voor-upload.pdf
It doesn’t produce full public accounts, what it does produce shows a balance sheet, which, deduct intangible assets, looks shaky. It made a profit of €16m in 2017 which was less than INM’s. It says it has four unnamed lenders. I wonder how it is financing the €146m cash acquisition of INM?
I don’t understand what I read at all. In fairness, business studies was never my strong suit in school
What price influence?
The FT reports
“On Friday [this week] the president of Ireland’s high court will make a ruling on the release of the inspectors’ first interim report. At a hearing on the affair last year, Mr Justice Peter Kelly expressed concern over conduct “suggestive of an unlawful purpose” to benefit Mr O’Brien.
The court has heard that back-up IT tapes from INM ended up in the hands of third-party companies for “data interrogation” on information relating to 19 named individuals, among them journalists and former company officials, some of whom had come into conflict with Mr O’Brien.
The leak is also under investigation by Ireland’s data regulator.”
https://www.ft.com/content/15746590-6b16-11e9-80c7-60ee53e6681d
You might have thought Mediahuis would wait until it saw what the ODCE (and DPC) was going to say about INM before agreeing a sale price. That’s a bit odd. Mind you, as I’m sure ex-SBP staff will tell you, it’s often odd when a media business is taken over by a private buyer.
-oh Eoin, Leysen (CEO) is Chairman Board,that subprime poster child for bad lending/money laundering/ripping customers off in Ireland KBC-you won’t be reading about any evictions/bad lending gong forward,not that INM have been exactly objective in its reporting…..
Money Laundering:
” KBC Group: Lithuanian bank Ukio Bankas passed 10 billion euros between 2006-2009 through so-called correspondent accounts at ING Belgium, KBC, and BNP Paribas Fortis, Belgian magazine Knack reported. Belgium’s KBC said it ended the correspondent banking relationship with Ukio in July 2010. It said confidentiality accords prevent it from sharing details about individual customers, and that as a correspondent bank, it’s not supposed to know customers of its respondent banks and may rely on the knowledge of the clients’ activities and the anti-money laundering procedures at that relation bank, while carrying out a risk-based monitoring.”
https://www.acfcs.org/news/441990/OCCRP-details-nearly-9-billion-Russian-money-laundering-scheme-allegedly-involving-U.S.-EU-banks.htm
Bad Loans/Trackers-I could go on all day but its just not my style-are there any fooking hacks in Ireland-you’d think his role as Chairman Board of money laundering/ripping people off KBC may be mentioned somewhere……..
https://www.kbc.com/en/board-directors-members#tab
Ps-keep up the great work Eoin.
That’s the very man
https://www.kbc.com/en/thomas-leysen
What could go wrong with the chairman of a highly controversial bank being chairman of the biggest press group in Ireland? Would FG’s Richard Bruton see any difficulty to that if and when the takeover comes across his desk? If I were Mediahuis right now, I’d be employing the services of influencer/PR company, Teneo where John Bruton is a director.
Agree totally with you about Irish hacks. If they couldn’t suss out the buyer of the SBP last year, then it’s time to give and go work on RTE’s board , lads.
-they have about a 10 Billion loan book in Ireland-ah good times, let the evictions/ripping off begin or continue far far away from the prying eyes of the press:)
-a little unsusal that the irish press has ignored his role as Chairman one the most egregious banks operating in Ireland,with lots and lots soured loans…….
https://www.irishexaminer.com/breakingnews/business/kbc-in-no-rush-to-sell-further-26bn-loans-885698.html