O’Brien is part of the consortium behind the new station. Davy Q&A: Who was involved, what happened and what is the likely fallout? Businessman Denis O'Brien That investigation was prompted by a whistleblower disclosure made by INM's former chief executive Robert Pitt who left the company last year. He is widely reported to have lost €500 million on his investment in INM. Why is loyalty punished when it comes to Irish mortgages? By Amanda Andrews 09 February 2009 • 11:00pm He won that battle. Two years after selling out of newspaper publisher Independent News & Media (INM), this week’s deal to offload radio group Communicorp to Bauer Media still needs State approval. INM chief executive Gavin O’Reilly, son of Sir Anthony O’Reilly, leaves the company, severing the O’Reillys’ near 40-year control of the business. In latter years, his media investments have brought him only pain. Ken Early: Klopp all at sea as Liverpool continue to flounder, Irish-owned enterprises raise their spend on R&D activities, Discover a family affair with whiskey and own a piece of the story, Building a resilient workforce to help shape a ‘new better’, New EU labelling system for appliances gets top marks, How to save money on your house sale - and what to do with it. Denis O’Brien purchased shares in Tony O’Reilly’s company, Independent News & Media (INM) in 2006. O’Brien surely founded Communicorp with the hope of a financial return, even if he eventually made little from it. O’Brien sells majority of his stake in INM to Belgian company Mediahuis, crystallising a multi-million euro loss. For the first time in 32 years, Denis O’Brien is no longer an Irish media mogul. High Court, ODCE, INM, Leslie Buckley, Gavin O'Reilly, Joe Webb, data privacy, INM 19, Karl Brophy; https://www.irishexaminer.com/opinion/ourview/arid-40234007.html https://extra.ie/2019/05/01/business/denis-obrien-inm-takeover That will be a simple rubber stamping exercise. Will the new first-time buyer plan push up house prices? Photograph: Bloomberg/Bloomberg /Getty Images Sun 16 Sep 2018 09.00 EDT Topics. Or, at least, he seems to despise its nature and scope. In football, some claim to do it for the love of the game. The Office of the Director of Corporate Enforcement (ODCE) is successful in an application to High Court to appoint inspectors to INM to investigate an alleged data breach that it says was directed by Leslie Buckley and paid for by O’Brien. INM chairman James Osborne is then ousted at the company’s AGM, following votes cast by O’Brien and Dermot Desmond. But Mr O’Brien is now having to contend with troubles at INM, an investment that soured long ago. Media companies are a bit like football clubs, in that they attract all sorts of owners with priorities that can be difficult to discern. He later made serious money out of unrelated assets in telecoms, infrastructure and, latterly, property. A subsidiary of Communicorp acquires classifieds publisher Buy & Sell out of liquidation for a reported €300,000. Mr Buckley’s communication with Denis O’Brien as a major shareholder in INM. Communicorp acquires eight UK stations from Global Radio and forms a British subsidiary. Pitt leaves INM, having previously made a protected disclosure about Leslie Buckley to the Office of the Director of Corporate Enforcement. But there is little denying that his arduous voyage into the stormy seas of media led him nowhere. O'Brien – who owns 26% of INM, the Irish media conglomerate that publishes the Independent and Independent on Sunday – said in a statement that … He begins to agitate for a radical restructuring of the media group, which was controlled at the time by Sir Anthony O’Reilly and his family. Denis O'Brien is a successful Irish businessman and philanthropist who has invested heavily in the Irish media - more than €500m reportedly. Two years after the sale of newspaper publisher Independent News & Media (INM), this week’s deal to transfer radio group Communicorp to Bauer Media still needs state approval. Mr Buckley, who stepped down as INM chairman in March 2018, has denied any wrongdoing. Billionaire Denis O'Brien refuses to back down in INM fight. Communicorp is bought out by UK-based Bauer Media Audio for a sum believed to be about €100 million. Do young people really need to go back into the office? The deal does not proceed. It was later rebranded as TXFM but closed in 2016 due to heavy losses. Among the eight resolutions tabled for the extraordinary general meeting, O'Brien, INM's second largest shareholder after the O'Reilly family, has also called for … But … O’Brien sells majority of his stake in INM to Belgian company Mediahuis, crystallising a multi-million euro loss. O’Brien successfully applies for an injunction preventing RTÉ from airing a report about his receipt of a low interest loan from the IBRC, formerly Anglo Irish Bank. O’Brien raises his stake in INM to 25 per cent, giving him the power to block special resolutions. Is it the influence, the prestige, the power? INM in attempt to block appointment of inspectors to investigate itself, while Denis O'Brien blames ODCE for leaks Comments Report an error, omission or problem: Message: O’Brien has said in the past that he first bought into INM because he hoped it would be a decent investment. O’Brien forms Communicorp and wins licence for Dublin radio station 98FM. Given the disaster zone that was left behind after his exit from INM, and the lack of any significant financial return from Communicorp after 32 years, the answer seems to be that he has gained almost nothing from it at all. However, he spent more than €500m buying INM … Do young people really need to go back into the office? An interesting aspect of O’Brien’s exits from the media sector – INM in 2019 and Communicorp now – is that in each case he sold out to specialist media investors with a long heritage in the business; people who appear to have the dirt of media and journalism under their fingernails. He is widely reported to have lost €500 million on his investment in INM. Let’s see what the State investigators conclude. O’Brien begins amassing his stake in Irish Independent publisher INM, initially acquiring 5 per cent stake. Why do they do it? INM board members consider a bid for Newstalk. He is said to be a billionaire but little of his fortune can be credibly attributed to his media holdings, although 98FM and Communicorp were a useful cash cow in his early years of business. But outside of the television sector, where he never had much influence, no single investor in Irish media has held greater sway over the industry than O’Brien has for most of his three decades of involvement. With the relentless forwards march of digital media distribution, the landscape for traditional operators such as Communicorp is only going to get tougher, so there is no mystery as to why he might choose to sell now. In terms of his motivation for staying so deeply involved in media for so long, O’Brien seems to fit more closely into a cohort that can inspire perplexity in football and media people alike: rich men who, in stark contrast to elsewhere in their empires, seem prepared to tolerate financial punishment. Spin FM is awarded a youth radio station licence. Two years after selling out of newspaper publisher Independent News & Media (INM), … His business interests have also extended to aircraft leasing, utilities support, petroleum, and football, being a minority shareholder of Celtic F.C. In 2012, Denis O’Brien was able to take control of the company, ending forty years of family ownership. For the first time in 32 years, Denis O’Brien is no longer an Irish media mogul. Gavin O’Reilly, whom O’Brien ousted as chief executive of INM as part of the battle with his father, put it most succinctly two years ago when Mediahuis took over INM: “We have seen the media operator that Denis O’Brien is not.”, * This article was edited on 26/2/2021 to correct an error, For the best site experience please enable JavaScript in your browser settings, ‘Ireland is a great country, but we can’t help ourselves being nasty to people sometimes’, O’Brien exits Irish media after 30 years of mixed fortunes, Denis O’Brien’s media departure: ‘No politician will shed any tears’. INM ditches proposed €4 million takeover of Celtic Media after series of controversies. Around this time, O’Brien was building out his media portfolio, buying up shares in Independent News & Media (INM), previously controlled by … Moving to a right-sized home: What are your options? Politicians, especially those in Fine Gael, used to fall over each other to be photographed with O’Brien. The Glazer family, for example, has done very well financially out of Manchester United, making an irrelevance of their unpopularity with its fans. Why is loyalty punished when it comes to Irish mortgages? It still owes him €104 million, ever after he converted €50 million of his loans to equity in 2011. That will be a mere rubber-stamping exercise. Photograph: Cyril Byrne. Yet he ploughed way more than that into it over the years. Denis O’Brien: there is little denying that his arduous voyage into the stormy seas of media led him nowhere. 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Meanwhile, the German group Bauer that has bought O’Brien’s radio assets, is currently led by the fifth generation of that family in the business. Mediahuis, which took on INM after O’Brien went, is chaired by Belgian businessman Thomas Leysen, whose father first invested in newspapers almost 50 years ago. There isn’t a reason in the world why any regulator acting logically would block it. Major shareholder Denis O'Brien has plans for Independent News and Media. Robert Pitt is appointed as INM chief executive. Davy Q&A: Who was involved, what happened and what is the likely fallout? The deal is understood to be worth more than €100m and if approved by regulators would mark the end of Denis O'Brien's involvement in the Irish … For various complex reasons, such as the findings of the Moriarty tribunal and the corporate governance mess at INM that engulfed his associate, former chairman Leslie Buckley, that impulse among politicians is not as strong these days.*. A more interesting question revolves around why O’Brien became so deeply involved in Irish media in the first place. His final exit will be as much of a change for the Irish media sector as it will be for the man himself. A disagreement emerges between Pitt and Buckley over the valuation of the business, ranging from a Davy valuation of €14 million to a value of up to €35 million placed on the station by IBI Corporate Finance on behalf of Communicorp. As recently as 2019, O’Brien was the dominant figure in the private media landscape. He would go on to replicate the pared-down, music hits formula used by 98FM in stations in eastern Europe. O’Brien’s long-time business associate Leslie Buckley is later appointed as chairman. Got this from the news section of NIBs eBanking facility. Buckley, who was O’Brien’s representative on the INM board, denies all allegations of wrongdoing. Whatever his intentions, what did he get out of it? Denis O’Brien controls both newspaper publisher INM and radio station owner Communicorp. Will the new first-time buyer plan push up house prices? But this is not the case with O’Brien. O’Brien may not have wanted it to end this way. As former chairman of the Esat Digifone … Businessman Denis O'Brien and two companies are to be given certain documents used in the corporate watchdog’s application for appointment … Mediahuis, the owner of Independent News & Media generated a profit of just under €60m last year and cut debt, despite the impact of the Covid pandemic. The whispers from the company’s camp this week are that he sold it to Bauer for more than €100 million. Denis O’Brien speaks at a 2010 conference on Confidence in the Media. For the best site experience please enable JavaScript in your browser settings, O’Brien exits Irish media after 30 years of mixed fortunes, Denis O’Brien’s Communicorp agrees €100m-plus sale to Bauer Media Audio, Australia passes law to make Google, Facebook pay for news. In media, too, some moguls, such as Rupert Murdoch, made pretty much their entire fortunes in the business. In 2008, Denis O’Brien increased his shareholding, which made him the second largest shareholder behind Denis O’Brien. Communicorp acquires majority stake in Newstalk, a national talk radio station. O’Brien, Ireland’s richest man, is the biggest INM shareholder, with a 29.9% stake, and will receive €43.5m from the deal. Ireland to have highest debt per head in Europe this year, Davy group of 16 face possibility of personal sanction from Central Bank, GE close to selling aircraft leasing business to Dublin’s AerCap, RTÉ confirm presenter Eoghan McDermott will not return to radio show, ‘The robot vacuum cleaner is the best money I’ve spent in a long time’, Return of BBC Three shows that linear TV isn’t quite dead yet, Eirgrid proposals to include €2bn power line around Irish coast, NTMA faces decision on Davy as bond sale looms, Inside Business with Ciaran Hancock - Dublin Bus CEO Ray Coyne on the future of transport in the city, Frequently asked questions about your digital subscription, Specially selected and available only to our subscribers, Exclusive offers, discounts and invitations, Explore the features of your subscription, Carefully curated selections of Irish Times writing, Sign up to get the stories you want delivered to your inbox, An exact digital replica of the printed paper, ‘Global cybersecurity crisis’ builds from attack on Microsoft email software, Asian shares rise on back of US stimulus bill. Is it in pursuit of some nobler purpose? That can also be true in media, although O’Brien has rarely displayed affection for or an understanding of journalism. He appears to despise the attention that his Irish media investments brought on to his other interests. What did he gain? Communicorp acquires Today FM, FM104, Highland Radio for a reported €200 million from Emap. 2021 i knew something was up as INM was shifting incredible levels of shares every day for that last week, litterally around 30 million a day. Can anybody really understand why Roman Abramovich bought Chelsea? He was listed among the World's Top 200 Billionaires in 2015 and is also Ireland's richest native-born citizen. O’Brien is part of Phantom FM consortium that wins the alternative rock licence for Dublin. There was also the added temptation of taking on his then-nemesis, Sir Anthony O’Reilly. For the first time in 32 years, Denis O’Brien is no longer an Irish media mogul. Denis O'Brien is an Irish billionaire businessman, and the founder and owner of Digicel and Communicorp. He later sold FM104 to UTV for €52 million and Highland to Gerry Rabbitte for €10 million. In both spheres, some investors get involved for the public attention, but that hardly seems an appropriate explanation in O’Brien’s case. Businessman Denis O'Brien is entitled to a copy of the second interim report of court-appointed inspectors investigating an alleged data leak at Independent News and Media (INM… Ken Early: Klopp all at sea as Liverpool continue to flounder, Irish-owned enterprises raise their spend on R&D activities, Discover a family affair with whiskey and own a piece of the story, Building a resilient workforce to help shape a ‘new better’, New EU labelling system for appliances gets top marks, How to save money on your house sale - and what to do with it. Obviously, he never owned the largest media company, RTÉ – or at least, no more than any of the rest of us. Then there is the question of money, of course. Compared to his other, far more successful investments, his media punt has been a failure. Moving to a right-sized home: What are your options? But given the avalanche of scrutiny and strife that has arisen since O’Brien became the dominant figure at INM, there is doubt over whether he ultimately won the war. It is well known that O’Brien has personally lost hundreds of millions of euro on his Irish media foray – up to €500 million of his fortune went down the plughole at INM alone.
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