Tony O'Reilly is finally severing his links to Independent News & Media, the Irish newspaper publisher he turned into a global media company.
According to articles in the Sunday Business Post and in the Irish edition of the Sunday Times, he has begun selling down his holding in INM.
They report that his stake - held by Indexia, his investment vehicle - fell last week below 5% after the disposal of more than 9m shares for a reputed €1.5m (£1.2m). It is believed to be the first time he has sold off INM stock.
O'Reilly and his family lost control of INM in a bitter struggle with Denis O'Brien, the telecoms billionaire who is now Ireland's major media tycoon through his newspaper and radio interests.
It was in 1973 that O'Reilly first bought into Independent Newspapers, buying stock from descendants of the Irish Independent's founder, William Martin Murphy. He eventually created an international empire, with media outlets in Australia, New Zealand, South Africa and Britain, including The Independent.
O'Reilly, who celebrates his 78th birthday on Wednesday, was forced to relinquish his roles as chief executive and director in 2009. His son, Gavin, took over as CEO but was ousted in 2012.
Sources: Sunday Times Ireland/Sunday Business Post (paywall)
