O’Reilly To Compromise In Bid For Trinity Titles

Independent News & Media is investigating ways in which it can satisfy the competition authorities should the company be successful in acquiring the Irish titles of Trinity Mirror.

According to The Guardian, executives at INM are talking to a number of leading business figures in Northern Ireland about making a joint bid for the newspapers, which include the Belfast News Letter and the Derry Journal.

INM already owns the Belfast Telegraph and the Competition Commission would almost certainly take steps to prevent the News Letter being owned by the same company.

As a result, INM chairman Tony O’Reilly is proposing a consortium bid which would see the News Letter pass to a local company or businessman, with Independent News able to acquire the remaining titles.

Interested parties have until September 19 to submit initial bids. Likely suitors include Scottish Radio Holdings and a consortium led by David Palmer, former group chief executive of the Financial Times.

INM yesterday reported a 11% fall in UK profits for the first half of 2003.

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