View all newsletters
Sign up for our free email newsletters

Fighting for quality news media in the digital age.

  1. News
October 2, 2009

O’Brien vs. O’Reilly: Has the fat lady done her bit?

By Peter Kirwan

Is everything done and dusted at Independent News & Media? To judge by the press coverage, it looks that way.

The O’Reillys appear to have triumphed over Denis O’Brien. We’re told that the bondholders owed €200m will take a 45% stake in the company. Surely, INM’s banks will follow up with the renegotiated debt package that we’re told was agreed in principle months ago.

The Indy and the Sindy will remain within the fold. And after paying off €350m-worth of debt, Gavin O’Reilly will carry on as chief executive.

And yet, something feels not quite right. The silence emanating from Denis O’Brien’s side since INM’s board approved the O’Reilly plan on Monday night has been deafening.

O’Brien’s experience as an investor in INM has been nasty, brutish and short. He has lost an estimated 80% of the value of his original investment. Now, in order to make room for the bondholders, his remaining stake will be halved in value.

Historically, O’Brien has struggled to remain quiet in the face of defeat. Has the fat lady sung her last?

Content from our partners
MHP Group's 30 To Watch awards for young journalists open for entries
How PA Media is helping newspapers make the digital transition
Publishing on the open web is broken, how generative AI could help fix it

A piece in today’s Irish Times suggests not. According to Leslie Buckley, one of O’Brien’s representatives on the INM board, we’ll be hearing “plenty of news about INM over the next few days”.

What could he mean?

Topics in this article :

Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

Select and enter your email address Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday. Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time. Our weekly does of strategic insight about the future of news media aimed at US readers. A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network