KEY POINTS:
Independent News & Media said today it had reached an agreement to acquire regional Irish newspaper the Sligo Champion.
The Dublin-based group, which operates in Ireland, Britain, South Africa, Australia, New Zealand and India, did not disclose how much it will pay.
A market source said the acquisition was estimated to be worth over 20 million euros ($38.8 million).
"The paper is one of Ireland's oldest and leading regional titles and would be a good addition to our portfolio of Irish regional titles," Vincent Crowley, chief executive of Independent News & Media Ireland, said in a statement.
Independent News said the deal was subject to due diligence and regulatory approval.
Separately, Independent News Chief Executive Anthony O'Reilly said he had raised his stake further in the newspaper publisher, taking his personal holding to 26.50 per cent.
O'Reilly said he had purchased 1 million shares or 0.12 per cent of the total at 2.3255 euros per share.
In total O'Reilly, his family and associates control around 28 per cent of the group.
Irish telecoms billionaire Denis O'Brien has been building up his stake in Independent News in recent months.
O'Brien holds a 14.5 per cent stake, making him the second biggest shareholder.
- REUTERS
* Independent News & Media is the largest shareholder in Australasian media group APN, publisher of The New Zealand Herald and nzherald.co.nz
