The group expanded overseas, acquiring interests in the UK, Australia, New Zealand, and South Africa.
O'Reilly had come under pressure in recent months from two of INM's largest shareholders, billionaire Denis O'Brien and financier Dermot Desmond.
In May 2012, Irish entrepreneur Denis O'Brien held a 29.9% stake in the company,[8] making him the largest shareholder at the time.
[9] Five per cent of the holding company was held by Clear Channel Communications, transferred in return for control of a South African outdoor advertising firm.
On 26 April 2013, INM announced it had concluded a deal with its bankers to exchange part of its debt for up to 20 percent of equity.
The deal was subject to the sale of its South African newspapers, a reduction in staff levels of 10%, a capital raising, and the restructuring of the company's pension plan.
[11] In April 2019, it was reported that INM had accepted an ownership bid of €145.6 million from Belgian media group Mediahuis.
The acquisition was then subject to the approval of the Minister for Communications and the sanction of the High Court, as it was executed by way of a scheme of arrangement.
[27] In 1993, the group bought into the now defunct Sunday Tribune, in which it owned 98% of the issued share capital and over which it has considerable influence.
As INM technically only held 29.9% of voting shares and so lacked management control, it did not consolidate the results of the Tribune, which is loss-making, with accumulated losses of around €45 million since acquisition.
The group launched Independent Colleges, which has its base on Dublin's Dawson Street, in 2007, and sold its education division in 2014.
[35] Cape Town businessman Iqbal Surve's Sekunjalo Investments consortium were the frontrunners to purchase INM SA.
[37] Commenting on the deal University of the Witwatersrand journalism professor Anton Harber said that "the ANC is working with their Chinese allies—ruling party to ruling party, in the way the Chinese government so often works—to increase their influence in our local media and counter what they view as a hostile media sector.
"[38] Bloomberg reported that Denis O'Brien met Jacob Zuma, president of South Africa, during a private meeting at the hotel on 24 January 2013.
INM previously entered into the Indian market, purchasing 20% of Dainik Jagran, the publishing company behind India's best-selling paper.
Mulroney was the subject of an inquiry by Canadian Privy Council because of his part in a scandal involving the purchase of Airbus by Air Canada, and also his relationship to German arms dealer Karlheinz Schreiber.
Independent News and Media was identified by the National Union of Journalists (NUJ) as an employer where "bullying" and "lack of support" was rampant.
The survey said 93% of the respondent claimed they didn't receive proper support from the management and 20% of them complained of bullying at work.