O’Brien, the second largest shareholder in INM, isreported as saying to Bloomberg TV, “There’s no point in us as a company subsidising a newspaper that really nobody wants to read in the United Kingdom,’
“It’s not a relevant newspaper anymore and this newspaper’s going to be closed by Christmas,” said O’Brien.
O’Brien has been at loggerheads with the INM Board over financial restructuring plans and how to service a €200 million debt issue that is overdue for payment.
The Board has criticised O’Brien’s “personal antagonism” towards the management after he requested an investor meeting last week to discuss the refinancing plans.
The Independent newspaper reported a 0.62% drop in average net circulation for August on the previous month to 187,837 but is down 16.76% for the six month period March to August, year-on-year. The Independent on Sunday dropped 21.63% for the same period.