As reported in the Sydney Morning Herald Irsh media baron Tony O’Reilly has withdrawn from sale his stake in APN News and Media.
Meanwhile on the other side of the world, he has signalled his willingness to put The Independent and the Sunday Independent up for sale, to reduce the debt of his Independent News and Media group. Roy Greenslade has the wrap, noting that the “Indy” and the “SIndy” are losing money, and while they aren’t officially for sale:
“Let’s get real. Though there is no overt “for sale” sign over the Indy, it’s obvious that if Alexander Lebedev – or another oligarch – came forward with a £1 coin and a willingness to lose £1m every couple of weeks or so, then INM would bite his hand off.
But Greenslade looks at what has happened in Australia with the failed attempt to sell APN, and asks whether any buyers can be found.
Ouch, ouch, ouch.
One Comment
Not altogether sure about that. While the Indy and Sindy are loss-making newspapers they provide an awful lot of the content for O’Reilly’s other papers, some of which still make a lot of money. Mind you, having worked there, I can’t imagine how they could possibly trim any more costs out without killing the poor beasts outright!