Data provided by McGregor BFA
All data is delayed
Loading...
See More

Independent confirms sale rumours

Jul 19 2012 08:55 Reuters

Related Articles

SACP: Break up Independent Newspapers

INM confirms sale of SA unit mooted

Politically-connected bid for Independent

Members want probe into Discovery fee

Independent: Noseweek article misleading

Independent Newspapers sale on the cards

 

Dublin - Irish publishing group Independent News & Media said it is looking at a possible sale of its South African unit following informal and unsolicited expressions of interest in the unit.

The Dublin-based group, which also announced the departure of its chief financial officer who was ousted from the board last month, said it had appointed advisors to look at a range of options for its South Africa operations.

The publisher has radically restructured in recent years, selling its flagship UK title the Independent, as well as interests in India and shutting loss-making newspapers in Ireland.

It added that it had not made any decision regarding a divestment of its South Africa unit, which notched up €37.6m in underlying operating profit last year, a 14% drop year-on-year. This compared to €45.6m at its Southern and Northern Irish unit, which was down 15%.

Shareholders voted the chairman, James Osborne, and chief financial officer, Donal Buggy, off the board last month after telecoms billionaire Denis O'Brien lead a revolt in the wake of rival Gavin O'Reilly stepping down as chief executive in April.

O'Reilly's departure ended his family's 30-year control of Ireland's largest media company and years of bitter squabbling between O'Brien and the O'Reilly family.

Buggy, who will leave the group on October 5, will be replaced by Eamonn O'Kennedy, the group's finance director of its Irish and Northern Ireland operations since 2011.

 
independent newspapers  |  media
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

DA chatting up EFF ahead of elections

The DA in Gauteng is flirting with the Economic Freedom Fighters ahead of the elections, in what could end up as a coalition of strange bedfellows.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...