Publications
Partners
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.
