Denis O'Brien's Independent News and Media is set to be sold.
The Irish Independent has confirmed that its parent company has agreed a sale to Belgian newspaper group Mediahuis for €145.6million.
INM is the media company behind the Irish Independent, Independent.ie, Sunday Independent, Sunday World, The Herald, Belfast Telegraph and several regional newspapers. These titles include The Kerryman, The Bray People, The Corkman, The Wicklow People, The Wexford People and The Sligo Champion.
Prior to the sale, INM's largest shareholders had been businessmen Denis O'Brien and Dermot Desmond.
Speaking about the sale, INM CEO Murdoch MacLennan said: "We are pleased to be announcing this transaction today and believe it represents an excellent outcome for both the company and its shareholders.
"The offer from Mediahuis represents a compelling opportunity for shareholders to realise cash for their shareholding in INM, at a price which fairly reflects the company's performance and standalone prospects.
"INM has a proud and illustrious history stretching back to the start of the twentieth century and the INM Board believes that this offer from Mediahuis, if approved, will herald an exciting new chapter for our employees, readership and customers."
Meidahuis was founded in 2013, and currently publishes newspapers in Belgium and the Netherlands.
