TONY O’REILLY has failed for a fourth time in his bid to take Australian media company APN News and Media private in a move which would have delivered a 375 million boost for Independent News and Media Plc’s (IN&M) coffers.

Australian media conglomerate APN News & Media Ltd said today it had received a renewed takeover bid from a buyout consortium led by Irish billionaire Tony O’Reilly’s Independent News & Media.

APN News & Media Ltd (APN), in which Independent News & Media PLC has a 40.5% shareholding, today announced a record net profit for the 12 months to December 31, 2003 of $103.5m (€81.31m), representing a 20% increase on the prior year, excluding non-recurring items.

IRISH Independent owner, Independent News and Media (IN&M), is to shed 565 jobs from its worldwide workforce of over 11,000.

INDEPENDENT News and Media (IN&M) shareholders, who have seen the value of their shares plummet over the last three years, could be in line for a share price boost, according to Merrion Stockbrokers.