Seen and heard: what’s happening in business media

Wittington Investments, the Weston family vehicle that owns Brown Thomas in Dublin and Selfridges in London, is to own and operate Arnotts department store in a deal with developer Noel Smyth, according to the Irish edition of the Sunday Times. Smyth's company, Fitzwilliam Finance Parners, will control Boyers store on North Earl Street, Dublin.

However, according to a report in the Sunday Business Post the new owner of Arnotts is seeking proposals from potential operators as it has emerged that the Westons may not necessarily be involved in the running of the famous retailer.

William Fry, the law firm representing the businessman Denis O’Brien in his case against the State, is set to be appointed as legal adviser to the commission established by the Government to investigate transactions of the Irish Bank Resolution Corporation, which include deals involving O’Brien.

Law firms that were unsuccessful in bidding to advise the inquiry were told last week that William Fry was the preferred bidder, according to the Irish edition of the Sunday Times. The law firm is acting for O'Brien in a case against the Dáil Committee on Procedure and Privileges, which the businessman claims breached his constitutional rights.

Paddy Power plc now has 207 "millionaire shareholders" after markets reacted positively to plans to create a €7.5 billion gambling giant by merging with rival Betfair, according to the Sunday Independent.

Shares in the company jumped by 20 per cent last week, making for a total of 207 paper millionaires, according to the newspaper’s examination of the share register and of accounts holding 10,000 or more shares. At Friday’s price of €96, such a shareholding translates into a value of €1 million or more.

The firm that manages Hibernia Reit on an outsourced basis received more than €10 million in fees from the property investor in the year to the end of March, according to the Sunday Independent.

WK Nowlan Reit Management made a pre-tax profit of slightly less than €7 million in the year to the end of March last, according to accounts just filed, the newspaper reported. The company is owned by former Irish rugby international Kevin Nowlan, who acts as chief executive of Hibernia Reit. The accounts show a basic management fee of €4.7 million and a performance fee of almost €5.8 million, according to the newspaper, with the latter being based on shareholder returns.

The former manager of U2, Paul McGuinness, is considering legal action in a dispute with accountant Ossie Kilkenny and film studio boss Siún Ní Raghallaigh, according to the Sunday Business Post. The possibility of the action arises because of Kilkenny and Ní Raghallaigh being involved in a new TV and film production studio in Limerick, at the former Dell site, while also being involved with Ardmore Studios in Co Wicklow, where McGuinness is an investor.