Tag Archives: INM

Frankly?

Bizarre.

That BAI board in full:  Bob Collins (Chairman), Larry Bass, Paula Downey, Professor Colum Kenny, Michelle Mc Shortall, Dr Maria Moloney, Michael Moriarty, Siobhán Ní Ghadhra and John Waters.

BAI Statement On The Media Interests Of Denis O’Brien (BAI)

No Action To Be Taken On O’Brien Interests (RTE)

(Forbes)

In the course of the conversation [with then INM chairman James Osborne], he informed me that in April of this year Denis O’Brien, the major shareholder in INM, had called him up to get him to “pull” an article in this newspaper.
The article related to Denis O’Brien’s borrowings from Anglo Irish Bank. A spokesman for Denis O’Brien yesterday denied that this took place.
Osborne says he talked him down, telling him he was behaving like a “spoiled teenager”. To Osborne’s eternal credit, this was the first I knew of the alleged editorial interference.
The article was published under the heading ‘Anglo Irish’s Top 13 Buccaneer Borrowers’. It was fair to Denis O’Brien, making clear that he was one of those paying the bank back. O’Brien knew of it because we had contacted his spokesperson for a comment.

What matters, if Osborne is correct, is O’Brien’s response. Censorship was his instinctive response to something that he perceived would be critical and touching on his financial interests.

 

O’Brien – The Real Issue Is Press Freedom (Anne Harris, Sunday Independent)

Previously: Denis O’Brien’s Editorial Interference: The Smoking Gun? 

 

RTÉ News has learned that Denis O’Brien has acquired a further 5% of the shares in newspaper group Independent News and Media.

The company’s share price rose by almost 15% [yesterday] afternoon in Dublin following a transaction in which 32.7 million shares in the company changed hands at 34.5 cent per share.

This represents a 24% premium to the 27.8 cent the shares were trading for at that time.

Market sources have confirmed Mr O’Brien bought the shares.

A spokesman for Mr O’Brien declined to comment when asked whether the businessman was the investor behind the transaction.

Denis O’Brien buys another 5% stake in Independent News & Media (RTE News)

This bodes well.

[INM] Chairman James Osbourne asked him to resign at a board meeting today. This comes after Mr [Paul] Connolly [who represents Denis O’Brien’s interests on the board] yesterday began a legal action against the company over a €1.9m compensation package paid to outgoing chief executive Gavin O’Reilly.

RTE has learned that directors agreed at a heated board meeting to recommend that shareholders oust Mr Connolly from the board at its AGM in June.

INM director, Paul Connolly, Refuses To Stand Down (RTE)

Gavin O’Reilly and Vincent Crowley at the 2009 INM AGM.

 

 

 

Gavin O’Reilly Steps Down From INM (The Guardian)

Independent News & Media group chief executive Gavin O’Reilly resigns (Independent)

More as we get it.

The terms of the restructuring combined with the trading position in effect give the banks the power to prevent Mr O’Brien increasing his stake to the level – 50 per cent plus – required for board control.At present the banks appear to favour the status quo which sees the O’Reilly camp in the ascendent and Gavin O’Reilly the chief executive. As long as that remains the case there seems little more that Mr O’Brien can do other than continue to snipe from the sidelines.

Banks Hold Whip Hand In Saga Over INM Ownership (John McManus, Irish Times)

(Laura Hutton/Photocall Ireland)

The ‘cynical media’ retorts…

“Mr O’Brien believes that he is being punished in the pages of INM’s newspapers for being the largest shareholder in the company. This is not true,” INM said.

“As a self-professed supporter of journalism and free speech he , equally, cannot expect to be rewarded, with fewer references to the Moriarty tribunal for example, simply because he happens to have acquired more than 20 per cent of our stock since the tribunal began its hearings.”

INM also restated its claim that Leslie Buckley, one of three nominees of Mr O’Brien to the board of the company whose re-election was blocked by shareholders in June, had sought to interfere with its coverage of the tribunal.

“Leslie Buckley did make a number of attempts to have Sam Smyth taken off the Irish Independent’s coverage of the Moriarty tribunal,” INM said.

“Sam Smyth was the investigative journalist whose original story in November 1996 led to the setting up of the tribunal. Mr Buckley’s representations were strongly rejected by management of the company.”

INM Rejects O’Brien Claims He Is being ‘Punished’ By Company’s Coverage (Ciarán Hancock, Irish Times)

(Photocall Ireland)