'Historic day' as Belfast Telegraph owner takeover completes
Management change as Mediahuis sale completes
The outgoing chief executive of Belfast Telegraph owner Independent News and Media hailed a "historic day" as the takeover by European media giant Mediahuis completed.
INM Chief Executive Michael Doorly is to stand down with immediate effect and will be replaced as CEO by long-time Mediahuis executive Marc Vangeel.
The move marks the definite stage in the acquisition of INM by Mediahuis following sign off by the High Court on Tuesday.
“This is indeed a historical day for INM and in many ways, the end of an era, but most importantly, the start of an exciting new chapter for the company,” Michael Doorly told staff.
“This is a time for change and INM will benefit from its membership of the larger Mediahuis Group as it accelerates its digital transformation programme,” he said.
As well as the Belfast Telegraph, The Sunday Life, Sunday World and Irish Independent are among the many titles included in the sale.
Marc Vangeel is the former Chief Executive of Mediahuis owned Telegraaf Media Groep.
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In addition, Peter Vandermeersch has been appointed to the role of Publisher at INM, where he will be responsible for the long-term strategy of INM’s titles.
INM’s current managing director of publishing, Richard McClean, will assume the role of Chief Operating Officer (COO).
The management changes were confirmed as INM announced to the stock market that the scheme of arrangement to buy the plc had become effective from July 31.
Dispatch of cheques to shareholders is expected to occur on August 9 and by no later than August 14.
Trading of INM shares on Euronext Dublin and the main market of the London Stock Exchange has been suspended and trading in the old shares will be cancelled on Euronext Dublin and the main market of the London Stock Exchange will take effect from 8am on August 1.
Mr Doorly said he would be on hand to assist with the transition.
Belfast Telegraph Digital