Independent News & Media (IN&M) has sold its stake in Portuguese newspaper group Lusomondo Media for €24 million.
The 19 per cent was purchased by Lisbon newspaper and magazine publisher Cofina Group.
The chief financial officer for IN&M, Mr Donal Buggy, said the move was a further step in the group's recapitalisation programme and described the offer for the stake as "most attractive".
Last month the group also announced its intention to sell its city centre base on Abbey St in a bid to raise additional funds.