The boardroom in-fighting at Independent News and Media (INM) has taken an amazing twist with rebel board member Paul Connolly refusing to comply with a demand from chairman James Osborne to resign.

Telecoms and publishing billionaire Denis O’Brien wants to stop an “unduly generous” €1.87m severance payment being made to the man he ousted from the post of chief executive of Independent News and Media (INM) — Gavin O’Reilly.

REVENUES at Independent News & Media (INM) have fallen over 5% since the turn of the year, on a constant currency basis.