Independent News and Media is looking to expand in the Far East and forge joint ventures with local newspaper publishers, the Sunday Express is reporting.
Chief operating officer Gavin O’Reilly also told the paper he would continue to tolerate The Independent’s declining circulation so long as it remained “cash-neutral”. The paper says the Indy loses £6m a year, and “exists as a tax break and will be in business as long as it loses money”.
The Observer also has an interview with O’Reilly, who insists the company is not a family heirloom.
And Irish entrepreneur Denis O’Brien, who now holds a 17 per cent stake in Independent News and Media, would have to commit “his entire fortune” if he wanted to take control of the Independent publisher, an IN&M source has told the Mail on Sunday.