Irish entrepreneur O'Brien meets INM exec

Sun Nov 30, 2008 9:28pm GMT

[-] Text [+]

DUBLIN (Reuters) - Telecoms entrepreneur Denis O'Brien, a 26 percent shareholder in Independent News & Media (INME.I), has held a face-to-face meeting with the group's chief operating officer, Ireland's Sunday Business Post reported.

Meanwhile, the Sunday Times Irish edition reported O'Brien has written to INM Chief Executive Anthony O'Reilly to request a meeting to discuss the media group's future.

The reports come as INM looks to reduce costs by cutting 90 editorial jobs from newspaper the Independent and moving it into the offices of Daily Mail (DMGOa.L) newspaper group.

O'Brien will focus on these moves, INM's plans to sell its stake in APN News & Media (APN.AX), and its plans to redeem a 200-million-euro (168.3 million pound) bond in May, the Sunday Times reported.

The Sunday Business Post, meanwhile, said it was not clear what was discussed at the meeting, held on Friday, but said it was attended by both O'Brien and Chief Operating Officer Gavin O'Reilly.

Neither O'Brien nor Independent News & Media could immediately be reached for comment.

(Reporting by Laurence Fletcher; Editing by Jan Paschal)

Credit headwind

News headlines speak of recovery, but financing is still a big problem in Germany. The dearth of credit to tide firms over is frustrating policymakers, who are blaming reluctant banks and there is little agreement on how best to increase lending flows. Full Article