The Broadcasting Authority of Ireland has discussed Denis O'Brien’s media holdings and decided that, in the context of its Ownership and Control Policy, no action is to be taken at this stage.
Mr O'Brien's company Communicorp controls, or has substantial interests in, six independent radio stations in Ireland.
Last May, he increased his share in the Independent News and Media newspaper group to 29.9%.
In a statement, the BAI said it has a statutory obligation to consider the desirability of allowing any person or group of persons to have control of, or substantial interests in, an undue amount of communications media.
However at its board meeting on Monday, it determined that Mr O'Brien does not ''control'' INM, rather he has a substantial interest in the company.
In this regard, the authority said that it was not obliged to review Mr O'Brien's interests.
In its deliberations, the BAI said it considered it noteworthy that Mr O'Brien's interest in INM has been enhanced, that the situation regarding the company is fluid and that it is intended that further appointments be made to its board of directors.
Communicorp has been requested to ensure that it keeps the BAI fully informed of all developments in this regard.