Tony O’Reilly has decided to keep his large minority stake (29.9%) in Newspaper Publishing, owner of the Independent and Independent on Sunday.
The Irish company could have made a £1m profit today if it had decided to accept the offer for the shares made by the consortium which controls the Independent now. Liam Healy, chief executive of the Irish group said however, that he believed that the Independent could be turned around and the investment would be a good one for his shareholders.
“We see considerable scope for both cost and revenue improvements which should transform Newspaper Publishing into a profitable company”.
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