Independent News & Media
Encyclopedia
Independent News & Media plc (INM) , is a media organisation based in Dublin, Ireland, with interests in 22 countries on 4 continents worldwide. The company owns over 200 print titles, more than 130 radio stations, over 100 commercial websites and many billboard locations, and is a leading press player in five countries. The INM group of companies has been dominated by Tony O'Reilly
and his family since 1973 – O'Reilly was CEO until early 2009, one of his sons, formerly COO, became CEO in early 2009, and two others were non-executive directors for many years.
, as the publisher of the Irish Independent
.
In 1973 Sir Tony O'Reilly
acquired 100% of the "A" shares of the company from the Murphy and Chance families, and was later forced to bid for the "B" (non-voting) shares. The company was later floated on the Irish Stock Exchange
and London Stock Exchange
.
The group expanded overseas, acquiring interests in the UK, Australia, New Zealand, and South Africa.
In 1999, the company name was changed to Independent News and Media plc. While the O'Reilly family and close allies still have a controlling interest (over 29.5% at July 2008), their shareholding is being diluted and a significant shareholding is being built by Irish entrepreneur, Denis O'Brien
(over 27% at May 2008). 5% of the holding company is held by Clear Channel Communications
, transferred in return for control of a South African outdoor advertising firm.
, Irish Independent
, Sunday Independent
, Sunday World
and the Irish Daily Star
, as well as 14 regional titles, two free newspapers, and a magazine. It has a substantial central website, Independent.ie, which includes much regional as well as national content, and an archive, though this can only be browsed, not searched. It also claims to have Ireland's "no. 2 job site" and the "largest property website on the island.
In 1993, the group bought into the Sunday Tribune
, in which it now owns 98% of the issued share capital and over which it has considerable influence. As INM technically only holds 29.9% of voting shares and so lacks management control, it does not consolidate the results of the Tribune, which is loss-making, with accumulated losses of around 45 million euro since acquisition.
For many years, the main printing facility was in Abbey St. in Dublin but this is now at Citywest
.
The group launched Independent Colleges, which has its base on Dublin's Dawson Street in 2007.
and the Independent on Sunday. The newspapers were sold to a company controlled by Alexander Lebedev
. The company also owns the Belfast Telegraph group which publishes the Belfast Telegraph, Sunday Life, Ads for Free, and also owned the now-defunct Ireland's Saturday Night
. It also produces the widest-distributed jobs magazine in the London area.
During 2007, INM opened a new full-colour Goss printing press
facility in Newry
, Co. Down
. The press the Goss Flexible Printing System known as the FPS was the first FPS sold by Goss Preston.
The Independent (of London) was bought for around 100 million euro in 1997 and has been loss-making throughout, with accumulated losses of at least 150 million euro.
The Belfast Telegraph Group was bought for around 400 million euro in 2001, and is highly profitable, making perhaps 30 million euro annually.
, the Daily Voice, Cape Times, Cape Argus
and Weekend Argus in Cape Town
, The Mercury, Post
, Isolezwe
, Daily News, Sunday Tribune and Independent on Saturday
in Durban
, the Diamond Fields Advertiser
in Kimberley
, as well as the national Sunday Independent and 13 community newspapers in Cape Town. The group's titles account for 48% of the total advertising spend in paid newspapers, 31% of all newspapers sold in the country, and 58% of the English language market.
Limited, a large newspaper publisher in Australia and New Zealand, which owns, for example, the New Zealand Herald
, and is listed on the Australian Securities Exchange
.
On 12 February 2007, INM announced that the board of APN had recommended an all-cash revised offer of A$
6.10 per share for the entire issued share capital of APN.
The subsequent bid to take APN News & Media Ltd private in May 2007 was unsuccessful.
At 2010 INL has only 21.7% of APN, according to APN's own website
, the publishing company behind India's best-selling paper. This market has been identified by INM as being a key element of its move into non-English speaking media markets with huge growth opportunities and potential for advancement. Since the initial investment INM has deepened its involvement by buying 20% of the radio business of Dainik Jagran. The intention is to establish eight radio stations in the so-called "Hindi Belt".
, the second largest cable television and MMDS operator in Ireland, having acquired this with a merger between Cable Management Ireland, and their own Irish Multichannel. However this was sold in 2004.
, former Fianna Fáil
politician and now a governor of the Central Bank of Ireland. The holding company website is inmplc.com.
There have also been questions about APN, which was acquired in transactions involving both the group and the O'Reilly family, and profited the latter greatly, and about the massive level of group debt (over 1.3 billion euro). Furthermore, there have been complaints about the level of power of the O'Reilly family, the independence or otherwise of the board, and about the costs of O'Reilly as CEO, with second-largest shareholder Denis O'Brien
and others having noted travel costs from O'Reilly's primary home in the Bahamas, company payments towards his now second home in Kilcullen
, near Dublin, on top of large salary and other contributions.
Tony O'Reilly
Sir Anthony Joseph Francis O'Reilly is an Irish businessman and former international rugby union player. He is known for his involvement the Independent News & Media Group, which he led from 1973 to 2009, and as former CEO and Chairman of the H.J. Heinz Company. He was the leading shareholder of...
and his family since 1973 – O'Reilly was CEO until early 2009, one of his sons, formerly COO, became CEO in early 2009, and two others were non-executive directors for many years.
History
The company was formed as Independent Newspapers Limited in 1904 by William Martin MurphyWilliam Martin Murphy
William Martin Murphy was an Irish nationalist journalist, businessman and politician. A Member of Parliament representing Dublin from 1885 to 1892, he was dubbed 'William Murder Murphy' among Dublin workers and the press due to the Dublin Lockout of 1913...
, as the publisher of the Irish Independent
Irish Independent
The Irish Independent is Ireland's largest-selling daily newspaper that is published in both compact and broadsheet formats. It is the flagship publication of Independent News & Media.-History:...
.
In 1973 Sir Tony O'Reilly
Tony O'Reilly
Sir Anthony Joseph Francis O'Reilly is an Irish businessman and former international rugby union player. He is known for his involvement the Independent News & Media Group, which he led from 1973 to 2009, and as former CEO and Chairman of the H.J. Heinz Company. He was the leading shareholder of...
acquired 100% of the "A" shares of the company from the Murphy and Chance families, and was later forced to bid for the "B" (non-voting) shares. The company was later floated on the Irish Stock Exchange
Irish Stock Exchange
-History:The Irish Stock Exchange is Ireland's only stock exchange and has been in existence since 1793. It is an Irish private company limited by guarantee. It was first recognised by legislation in 1799 when the Irish Parliament passed the Stock Exchange Act...
and London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
.
The group expanded overseas, acquiring interests in the UK, Australia, New Zealand, and South Africa.
In 1999, the company name was changed to Independent News and Media plc. While the O'Reilly family and close allies still have a controlling interest (over 29.5% at July 2008), their shareholding is being diluted and a significant shareholding is being built by Irish entrepreneur, Denis O'Brien
Denis O'Brien
Denis O'Brien is an Irish businessman with international connections. An Arts graduate of University College Dublin, O'Brien has received a MBA in corporate finance from Boston College in 1982, and was later given an honorary doctorate by University College Dublin.O'Brien has involvement with...
(over 27% at May 2008). 5% of the holding company is held by Clear Channel Communications
Clear Channel Communications
Clear Channel Communications, Inc. is an American media conglomerate company headquartered in San Antonio, Texas. It was founded in 1972 by Lowry Mays and Red McCombs, and was taken private by Bain Capital LLC and Thomas H. Lee Partners LP in a leveraged buyout in 2008...
, transferred in return for control of a South African outdoor advertising firm.
Ireland
The group owns a number of national newspapers in Ireland, the Evening HeraldEvening Herald
The Evening Herald is a mid-market tabloid evening newspaper published in Dublin, Ireland by Independent News & Media. It is published Monday-Saturday, and has three editions — City Edition, City Final Edition and National Edition...
, Irish Independent
Irish Independent
The Irish Independent is Ireland's largest-selling daily newspaper that is published in both compact and broadsheet formats. It is the flagship publication of Independent News & Media.-History:...
, Sunday Independent
Sunday Independent
The Sunday Independent is a broadsheet Sunday newspaper published in Ireland by Independent News and Media plc. The newspaper is edited by Aengus Fanning, and is the biggest selling Irish Sunday newspaper by a large margin ; average circulation of 291,323 between June 2004 and January 2005,...
, Sunday World
Sunday World
The Sunday World is an Irish newspaper published by Sunday Newspapers Limited, a division of Independent News and Media. It is the largest selling "popular" newspaper in the Republic of Ireland and is also sold in Northern Ireland .-Origins:The Sunday World was Ireland's first tabloid newspaper...
and the Irish Daily Star
Irish Daily Star
The Irish Daily Star is a tabloid newspaper published in Ireland by the Independent Star Limited. Independent Star Limited is a joint venture between Richard Desmond's UK based Express Newspapers Limited, which owns the British Daily Star, and Irish news magnate Denis O'Brien's Independent News &...
, as well as 14 regional titles, two free newspapers, and a magazine. It has a substantial central website, Independent.ie, which includes much regional as well as national content, and an archive, though this can only be browsed, not searched. It also claims to have Ireland's "no. 2 job site" and the "largest property website on the island.
In 1993, the group bought into the Sunday Tribune
Sunday Tribune
The Sunday Tribune was an Irish Sunday broadsheet newspaper published by Tribune Newspapers plc. It was edited in its final years by Nóirín Hegarty, who changed both the tone and the physical format of the newspaper from broadsheet to tabloid. Former editors include Conor Brady, Vincent Browne,...
, in which it now owns 98% of the issued share capital and over which it has considerable influence. As INM technically only holds 29.9% of voting shares and so lacks management control, it does not consolidate the results of the Tribune, which is loss-making, with accumulated losses of around 45 million euro since acquisition.
For many years, the main printing facility was in Abbey St. in Dublin but this is now at Citywest
Citywest
Citywest is a business park and golf resort in the Saggart area, just north and northwest of Saggart village in South Dublin. The nearest major town is Tallaght. The business park has developed a modest residential population in recent years...
.
The group launched Independent Colleges, which has its base on Dublin's Dawson Street in 2007.
United Kingdom
Until March 2010, the company published The IndependentThe Independent
The Independent is a British national morning newspaper published in London by Independent Print Limited, owned by Alexander Lebedev since 2010. It is nicknamed the Indy, while the Sunday edition, The Independent on Sunday, is the Sindy. Launched in 1986, it is one of the youngest UK national daily...
and the Independent on Sunday. The newspapers were sold to a company controlled by Alexander Lebedev
Alexander Lebedev
Alexander Yevgenievich Lebedev is a Russian businessman, referred to as one of the Russian oligarchs.In May 2008, he was listed by Forbes magazine as one of the richest Russians and as the 358th richest person in the world with an estimated fortune of $3.1 billion...
. The company also owns the Belfast Telegraph group which publishes the Belfast Telegraph, Sunday Life, Ads for Free, and also owned the now-defunct Ireland's Saturday Night
Ireland's Saturday Night
Ireland's Saturday Night was a Northern Ireland sports newspaper, which was part of the Belfast Telegraph group. It was launched in 1894 under its original title, Ulster Saturday Night, changing to Ireland's Saturday Night in 1896 and running two separate editions; one for north and one for the...
. It also produces the widest-distributed jobs magazine in the London area.
During 2007, INM opened a new full-colour Goss printing press
Printing press
A printing press is a device for applying pressure to an inked surface resting upon a print medium , thereby transferring the ink...
facility in Newry
Newry
Newry is a city in Northern Ireland. The River Clanrye, which runs through the city, formed the historic border between County Armagh and County Down. It is from Belfast and from Dublin. Newry had a population of 27,433 at the 2001 Census, while Newry and Mourne Council Area had a population...
, Co. Down
County Down
-Cities:*Belfast *Newry -Large towns:*Dundonald*Newtownards*Bangor-Medium towns:...
. The press the Goss Flexible Printing System known as the FPS was the first FPS sold by Goss Preston.
The Independent (of London) was bought for around 100 million euro in 1997 and has been loss-making throughout, with accumulated losses of at least 150 million euro.
The Belfast Telegraph Group was bought for around 400 million euro in 2001, and is highly profitable, making perhaps 30 million euro annually.
South Africa
The group is the largest newspaper publisher in South Africa, owning 14 newspapers including The Star and Pretoria News in GautengGauteng
Gauteng is one of the nine provinces of South Africa. It was formed from part of the old Transvaal Province after South Africa's first all-race elections on 27 April 1994...
, the Daily Voice, Cape Times, Cape Argus
Cape Argus
Founded in 1857 by Saul Solomon, the Cape Argus is a daily newspaper published by Independent News & Media in Cape Town, South Africa. It is commonly referred to simply as "The Argus"....
and Weekend Argus in Cape Town
Cape Town
Cape Town is the second-most populous city in South Africa, and the provincial capital and primate city of the Western Cape. As the seat of the National Parliament, it is also the legislative capital of the country. It forms part of the City of Cape Town metropolitan municipality...
, The Mercury, Post
Post (South Africa)
The Post is an English language newspaper owned by Independent News & Media and published in Durban, South Africa.As of June 2006, it has a readership of 340 000 ....
, Isolezwe
Isolezwe
Isolezwe is a Zulu language newspaper launched in 2002 by Independent News & Media. It is published daily in Durban, South Africa in the tabloid format. Editor Thulani Mbathi describes their target market as "the modernising Zulu .....
, Daily News, Sunday Tribune and Independent on Saturday
Independent on Saturday, South Africa
The Independent on Saturday is a South African newspaper, part of Independent News & Media. It was launched in 1998 to replace the Saturday Paper, which was formed in the mid-90s after the demise of the Saturday editions of the Daily News and the Mercury...
in Durban
Durban
Durban is the largest city in the South African province of KwaZulu-Natal and the third largest city in South Africa. It forms part of the eThekwini metropolitan municipality. Durban is famous for being the busiest port in South Africa. It is also seen as one of the major centres of tourism...
, the Diamond Fields Advertiser
Diamond Fields Advertiser
The Diamond Fields Advertiser is a daily newspaper published in Kimberley, South Africa, founded on 23 March 1878.-The early days:The earliest paper on the Diamond Fields was a weekly called the Diamond Field , published from 15 October 1870 at Pniel. It moved the following year first to Du Toit's...
in Kimberley
Kimberley, Northern Cape
Kimberley is a city in South Africa, and the capital of the Northern Cape. It is located near the confluence of the Vaal and Orange Rivers. The town has considerable historical significance due its diamond mining past and siege during the Second Boer War...
, as well as the national Sunday Independent and 13 community newspapers in Cape Town. The group's titles account for 48% of the total advertising spend in paid newspapers, 31% of all newspapers sold in the country, and 58% of the English language market.
Australia and New Zealand
The company owns a 39.1% stake in APN News & MediaAPN News & Media
APN News & Media Limited is an Australian and New Zealand media company. Divisions include newspaper publishing, online publishing, broadcast radio and outdoor advertising in Australia and New Zealand...
Limited, a large newspaper publisher in Australia and New Zealand, which owns, for example, the New Zealand Herald
The New Zealand Herald
- External links :* * *...
, and is listed on the Australian Securities Exchange
Australian Securities Exchange
The Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
.
On 12 February 2007, INM announced that the board of APN had recommended an all-cash revised offer of A$
Australian dollar
The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
6.10 per share for the entire issued share capital of APN.
The subsequent bid to take APN News & Media Ltd private in May 2007 was unsuccessful.
At 2010 INL has only 21.7% of APN, according to APN's own website
India
INM has also entered into the Indian market, purchasing 20% (reduced to 13% in July 2009) of Dainik JagranDainik Jagran
Dainik Jagran is a Hindi language daily broadsheet newspaper in India. According to the IRS Q1 2010, Dainik Jagran ranks No. 1 among the dailies with a Total Readership of 54,254,000.-Overview:...
, the publishing company behind India's best-selling paper. This market has been identified by INM as being a key element of its move into non-English speaking media markets with huge growth opportunities and potential for advancement. Since the initial investment INM has deepened its involvement by buying 20% of the radio business of Dainik Jagran. The intention is to establish eight radio stations in the so-called "Hindi Belt".
Other interests
INM also held stakes in the Unison ISP and the iTouch electronic payments and premium rate telecoms operator, the controlling stake in the latter later being sold to a Japanese firm.Cable
The company formerly held a 50% stake in Chorus CommunicationsChorus Communications
Chorus Communications was a communications provider in Ireland, it offered internet, television and telephone services. It was owned by Liberty Global Europe, and ultimately controlled by John C. Malone's Liberty Media. It was based in Limerick, and owns the cable television and MMDS TV licences...
, the second largest cable television and MMDS operator in Ireland, having acquired this with a merger between Cable Management Ireland, and their own Irish Multichannel. However this was sold in 2004.
The Group
The chief executive is Gavin O'Reilly, who has been CEO since 2009. The chairman is Brian HilleryBrian Hillery
Brian Hillery is an Irish businessman and former Fianna Fáil Party politician, chairman of Ireland's largest media group, Independent News and Media, and a governor of the Central Bank and Financial Services Authority of Ireland.-Current roles:...
, former Fianna Fáil
Fianna Fáil
Fianna Fáil – The Republican Party , more commonly known as Fianna Fáil is a centrist political party in the Republic of Ireland, founded on 23 March 1926. Fianna Fáil's name is traditionally translated into English as Soldiers of Destiny, although a more accurate rendition would be Warriors of Fál...
politician and now a governor of the Central Bank of Ireland. The holding company website is inmplc.com.
Controversies
There have been questions about the policy of not consolidating the 98%-owned but loss-making Sunday Tribune, and on the other hand the practice of consolidating entirely the massively profitable APN, which is less than 41%-owned. In the half year to June 2007, for example, the group reported operating profits of 155 million euro – but this excluded 1.5 million euro of losses from the Tribune, and included 85 million euros from APN (whereas a proportionate share of profit would have been, at that time, 32 million euro).There have also been questions about APN, which was acquired in transactions involving both the group and the O'Reilly family, and profited the latter greatly, and about the massive level of group debt (over 1.3 billion euro). Furthermore, there have been complaints about the level of power of the O'Reilly family, the independence or otherwise of the board, and about the costs of O'Reilly as CEO, with second-largest shareholder Denis O'Brien
Denis O'Brien
Denis O'Brien is an Irish businessman with international connections. An Arts graduate of University College Dublin, O'Brien has received a MBA in corporate finance from Boston College in 1982, and was later given an honorary doctorate by University College Dublin.O'Brien has involvement with...
and others having noted travel costs from O'Reilly's primary home in the Bahamas, company payments towards his now second home in Kilcullen
Kilcullen
Kilcullen , formally Kilcullen Bridge, is a small town on the River Liffey in County Kildare, Ireland. Its population of 2,985 makes it the 12th largest settlement in County Kildare and the fastest growing in the county, having doubled in population from 1,483 in the census of 2002...
, near Dublin, on top of large salary and other contributions.