Independent News and Media eyeing more buys

Independent News and Media (INM) is “actively” pursuing more acquisitions in a bid to support a good first-half performance driven by a 23.4% annualised increase in digital advertising revenue.

The publishing group’s chief executive Robert Pitt said yesterday that it is INM’s belief that “further consolidation is necessary in the industry in order to protect shareholder value and the viability of smaller publications”.

The group recently completed the full purchases of car sales website CarsIreland.ie and Belfast-based magazine publisher Greer Publications and said it “continues to actively review potential acquisition opportunities that generate attractive returns on capital and represent a strategic fit to the group.”