Mr. Michael Doorly:

Independent News & Media started off as a traditional newspaper business and over time the company expanded both in Ireland and overseas. It was investing in Australia, New Zealand, South Africa and the UK. The natural progression was to diversify out of just newspapers, and it started to diversify into radio, outdoor advertising and new media. In terms of new media and some structural changes that were beginning to take place in the market, the group was developing a strategy of involving itself in developing websites in news, business and sport, but also classified advertising. It was part of its strategy on new media. At the time it was called "new media"; it is now called digital or online content and it is normal enough. The company was investing in classified advertisement sites, including sites for recruitment, motors, property and travel. It is in the context of that structural change, moving from a dependence on newspapers alone into new media, that that purchase was made. That purchase was made in the Republic of Ireland by the UK subsidiary. It was a Northern Ireland business and, at the time, according to the same article, it had 20,000 properties, 4,000 of which were in Border counties in the Republic. It was a Northern Ireland play in property. The hope was to move into the Republic, which is what we are doing now. We have our newspaper business and our digital business and we have other streams of income.