THERE HAS been much head-scratching this week about Dermot Desmond share buying shares in Independent News Media.

It’s hardly an exercise to try and influence INM’s Irish newspapers in the way they cover his business affairs.

INM told me this week that, currently, there is no litigation threatened or pending by Desmond against one of its titles.

Is it a value play? Possibly.

Does he simply admire the management? No offence to Gavin O’Reilly and his colleagues but this seems unlikely. After all, Desmond could have invested part of his substantial personal fortune in INM long before now.

Is he sniffing some action involving his old mate Denis O’Brien? This seems more plausible. O’Brien is INM’s biggest shareholder and the widely-held view is that he will make a run at the media group at some point, in spite of having lost about €600 million on his investment to date.

O’Brien and Desmond have been around the block before, notably with Esat Telecom, which they sold to BT for a packet.

But that was more than a decade ago.

Tensions have once again emerged between the O’Brien and O’Reilly camps at board level.

O’Brien’s three nominees have questioned Bengt Braun’s independence as a director and plan to vote down the accounts at its AGM on June 3rd.

Braun is an honorary board member of WAN-IFRA, of which Gavin is president. But this is a pretty tame trade body with enough board members to fill a church.

Braun will be re-elected. O’Brien’s protest is a shot across the bow. For now, at least.

The market isn’t sniffing corporate action any time soon.

INM’s shares have risen by only a couple of cent this week, after this newspaper revealed last Saturday that Desmond was buying its shares.

This could be a long game.

Last time out the bondholders were the clear winners. Desmond’s entry into game makes the next shoot-out very interesting.