Issuing its update for 2004, Independent News & Media plc today announced that it has entered into a sale and purchase agreement to acquire 26% of Indian newspaper publisher Jagran Prakashan Private Limited for €25.5m.

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.

INDEPENDENT News and Media has disposed of all shares purchased in its controversial share buyback programme which almost triggered a takeover offer for the owner of the Irish Independent Newspaper.

ACCOUNTANT Donal Buggy told the resumed Moriarty Tribunal hearing yesterday the Department of Communications asked him to carry out a financial analysis of the Denis O’Brien-led Esat Digifone consortium just days before the State’s second mobile phone licence was issued.

CAMERON O’REILLY is on the prowl for acquisitions and partnerships using his new private company, Bayard Capital.

THE ISEQ closed in positive territory yesterday, rising 43.16 points from Thursday's tally to 4419.56 points.