Minority shareholder in Independent News & Media, Denis O’Brien, has renewed his call for the company to sell The Independent newspaper and has demanded the resignation of Sir Anthony O’Reilly as chief executive.
O’Brien, an 11% shareholder in the company, first called for the sale of the company’s loss-making title, along with a host of Australian radio stations, in June.
The media tycoon renewed his call this week and said that O’Reilly was too old to run a modern newspaper business and that, by leaving, he would save millions of euros, according to The Times.
He said: “The Independent has to go, as do other vanity projects. If he goes, and The Independent is sold, shareholders will save money. This is a company that is going nowhere.”
Citigroup estimates that selling The Independent and its Sunday title would save £13.4 million a year.
Independent News & Media operates in publishing, radio and outdoor advertising with its main interests in Australia, Ireland, New Zealand, South Africa and India, as well as the UK.
Earlier in the year the company reported a 7.1% increase in its UK operation’s advertising revenues in the first half of the year.
INM said that advertising had been boosted by growth in display revenue at The Independent and classified advertising growth (see Independent News & Media Reports Ad Revenue Increase).
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