Independent News and Media says it has dropped plans to buy Newstalk

Independent News and Media has said it has dropped plans to buy Newstalk.

The newspaper group said it is no longer interested in buying the station, which had been subject to takeover speculation.

The station is already majority-owned by businessman Denis O'Brien, who is also the biggest shareholder at INM.

The newspaper group's chief executive Robert Pitt has told an Oireachtas committee the plans have been dropped.

Mr Pitt said: “Our strategy is very focused on digital development. There was an opportunity to look at the radio station. That opportunity was brought to us and we looked at it and we have now decided not to go any further on that opportunity.”

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