An article in the Irish Independent this morning seeks to dampen speculation that Independent News & Media (INM) is interested in acquiring TV3.

In response to questions following Friday’s INM AGM, Chairman, Leslie Buckley did not rule out such a move when he confirmed the media group is interested in looking at all possible acquisition opportunities in the media sector in Ireland and the UK, up to a value of €100m.

A spokesman for INM is quoted this morning in the Irish Independent today as saying that any discussions with TV3 were “highly unlikely.”

It continues, "INM is not looking at anyone in the media space at this time," and that the group was more interested in targeting possible acquisition targets in digital or online media in Ireland, Britain or Europe.

TV3 is likely to be sold for between €120m and €150m, the station went through financial restructuring in 2013.

Speaking at the group’s AGM in Dublin last week morning, Buckley said that while INM had just received the €30m proceeds from the sale of the group’s minority shareholding in Australian media group, APN, the company needs to increase its value through acquisition, prior to any resumption of dividend payments.