Gavin O'Reilly Steps Down As INM Boss

The chief executive of Ireland's biggest media company, Independent News and Media, Gavin O'Reilly has stepped down, amid attempts by billionaire Denis O'Brien to take control of the company.

Gavin's father Tony O'Reilly built up the Independent and the O'Reilly family has run the company for 40 years.

Vincent Crowley, the company's chief operating officer, has taken over as chief executive.

Independent News and Media is now a global operation with titles in Asia, Australia and South Africa.

In Ireland, it controls the Irish Independent, Sunday Independent, Sunday World, The Star, The Evening Herald and the Belfast Telegraph.

Telecoms billionaire Denis O'Brien has been attempting to wrest control of the Independent group away from the O'Reillys for several years.

He built up a 22% shareholding in the company, which led to a very public and bitter dispute which split shareholders and board members into two camps.

"It had become clear that recent and public shareholder tensions were proving an unnecessary distraction for both me and the company and this was not in the best interests of the company," Gavin O'Reilly said in a statement.

"The board and I agreed that what the company needs now is a board, management team and shareholder base that is purposefully unified and aligned for the company's immediate challenges and for the many opportunities that exist in the future.

"I leave this great company with mixed emotions, and I want to particularly thank my work colleagues and friends across Australasia, Ireland, South Africa and the UK, who I have had the great honour and privilege to work alongside.'

There is now growing pressure on the Irish government to tackle the issue of the concentration of media ownership in Ireland, as Denis O'Brien now controls two national independent radio stations, and the biggest selling newspapers in Ireland.

O'Brien made his fortune after being awarded Ireland's second mobile phone license - a recent tribunal report made a series of adverse findings against him including that he gave the Minister responsible for awarding the license payments adding up to around one million euro.