Independent News & Media has sold its 19% stake in Portuguese newspaper group Lusomondo Media for €24m.
The stake has been bought by Lisbon newspaper and magazine publisher Cofina Group.
Independent chief financial officer Donal Buggy said the move was a further step in the group's recapitalisation programme. He described the Cofina offer for the stake, which the company originally acquired in 1994, as 'most attractive'.
