Belfast Telegraph

Belfast Telegraph owner INM confirms approach from potential buyer

Independent House, Talbot Street. Dublin
Independent House, Talbot Street. Dublin

By Gavin McLoughlin

Independent News & Media has received an approach from a potential buyer.

The company told the stock market that it had “received an approach in relation to a possible offer for the company”.

“Discussions are at a preliminary stage and there is no certainty that any offer will be made, or as to the terms of any such offer,” the company said. It did not name the interested party.

German group Axel Springer and Norwegian company Schibsted have previously been speculated about as potential buyers of INM, the largest private media group on the island of Ireland which publishes titles including the Belfast Telegraph, Sunday Life, Irish Independent, Herald, Sunday Independent, Sunday World and Independent.ie.

Last week INM reported profit before tax of €24.1m for 2018, ahead of market expectations.

INM’s total revenues last year were €191m, down 2.1pc on the prior year. The business has a cash pile of €81.7m at the end of December.

The company’s biggest shareholder is Denis O’Brien, who owns 29.9pc of INM. The company told the stock market that it had “received an approach in relation to a possible offer for the company”.

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