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      Irish media and telecoms tycoon Denis O'Brien Laura Hutton/Photocall Ireland

      Denis O'Brien's media empire just got that bit smaller

      But the O’Brien-controlled Independent News and Media wants to use its new cash windfall to expand in Ireland.

      TELECOMS TYCOON DENIS O’Brien has walked away from Australian and New Zealand media and advertising group APN News and Media after a long history of involvement in the company.

      Independent News and Media (INM), in which O’Brien is the largest shareholder, and the billionaire’s private investment company Baycliffe have cashed out a combined stake of about 30% in APN for an estimated AU$300 million (€216 million).

      A large piece of that share was snapped up by News Corporation, the media company run by Australian-American media mogul Rupert Murdoch, whose international publishing empire includes The Sun, The Times and The Wall Street Journal.

      Australian competition regulators still need to clear that part of the deal.

      INM expects to receive about €121 million from its part of the sale and it will use the money to pay off all its debts.

      The company said the move would release it from the “restrictions on … activities” like chasing other acquisitions that had prevailed while it was saddled with loan repayments.

      After the sale it expected to put in place cheaper loans to give it the option to “invest in digital strategy, including potentially in relation to bolt-on acquisitions”.

      87th Academy Awards - 21st Century Fox And Fox Searchlight Oscar Party Australian media mogul Rupert Murdoch AP / Press Association Images AP / Press Association Images / Press Association Images

      ‘Focus on Ireland’

      INM, which published The Irish Independent, Sunday Independent, Herald and Sunday World, recently reported it spent €9.3 million on redundancies last year as its ad revenue grew marginally for the first time in seven years.

      Chief executive Robert Pitt said the company would now be able to “focus on its island of Ireland business strategy, build on current performance and position it for further development at a time of economic recovery in Ireland”.

      APN is the biggest newspaper publisher in New Zealand, while in Australia it owns a network of regional papers and several major radio stations.

      READ: Ireland’s biggest newspaper group spent €9.3 million on redundancies last year >

      READ: Things are not quite going to plan inside UTV Ireland >

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      55 Comments
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        Mute Gert McNulty
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        Jun 30th 2022, 3:26 PM

        But workers shouldnt ask for a pay rise?? Politicians really disdain the public

        103
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        Mute Theresa Corrigan
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        Jun 30th 2022, 4:08 PM

        Big fella defending Ukraine among the EU leaders (which I agree with by the way. !! ) But at the same time… walking all over the Good Friday Agreement and the Irish people. Just for a few Unionist votes. Couldnt lie straight in Bed. !!

        91
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        Mute Steve O'Hara-Smith
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        Jun 30th 2022, 7:54 PM

        @Theresa Corrigan: There’s money in it for his friends, there is nothing for them in NI.

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        Mute Cormac McCann
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        Jun 30th 2022, 3:29 PM

        So much money Boris. Reality is, you won’t have a pot to piss in shortly.

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        Mute David Van-Standen
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        Jun 30th 2022, 4:21 PM

        This headline should say, Boris Johnson pledges to give a further £55 billion of taxpayers money to weapons manufacturing corporations, using the ridiculous premise of Russian threat as an excuse..

        66
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        Mute Fergus Murphy
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        Jun 30th 2022, 4:18 PM

        Sure all the money they are saving after leaving the EU will cover it with change left over to fund the NHS

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        Mute Irish Opinion
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        Jun 30th 2022, 4:04 PM

        Russian threat? I doubt Russia is going to attack the UK anytime soon. I’m sure he meant the Russian threat to foreign countries far away.

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        Mute Vonvonic
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        Jun 30th 2022, 3:38 PM

        Look at Ellwood’s profile pic. I’d say that man is always ready for action. Do people really buy this crap? All I see is a phoney.

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        Mute Philip Duffy
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        Jun 30th 2022, 8:49 PM

        And children going without food in the great U.K.

        9
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        Mute Darren
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        Jun 30th 2022, 6:01 PM

        What’s the point in spending all that, any war with Russia will probably end up nuclear so that 55billion would be pointless, not like you can defend against them

        9
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        Mute Ronan Lawler
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        Jun 30th 2022, 7:45 PM

        Blaa Blaa Blaa, zzzzz

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