Denis O'Brien obtained the injunction to stop RTÉ from reporting details of his personal finances and relationship with former Anglo Irish Bank.
Last week, a judge granted permission for the media to report details about Mr O'Brien's finances made under privilege in the Dáil (parliament).
RTÉ lawyers said as a result there was no need for the injunction to remain.
The media mogul's fortune is estimated to be around £5bn.
Following the granting of the injunction, the purchase of one of Mr O'Brien's companies was discussed in the Dáil.
The comments were made by TD Catherine Murphy under privilege.
She said Mr O'Brien owed the former Anglo Irish Bank, now the nationalised Irish Bank Resolution Corporation (IBRC), upwards of 500m euro (£362m).
Ms Murphy, an independent left-wing TD, said Mr O'Brien was attempting to pay loans back at an interest rate of just over 1%, when it was arguable that the correct rate should be over 7%.
In response to her comments, lawyers for RTÉ and the Irish Times returned to the high court to seek clarity over whether her remarks could be reported in light of the injunction.
A judge told the media organisations that he never intended nor could he order any interference with what a TD may say under privilege in the Dáil.
The application by RTÉ to have the injunction discharged relates to a planned broadcast regarding certain information regarding Mr O'Brien's relationship with IBRC.
Lawyers for Mr O'Brien said they accepted that following comments made by the Sinn Féin TD Pearse Doherty in the Dáil on Tuesday evening, there was nothing in the proposed RTÉ script that had been injuncted that warranted further restraint.
The lawyer added that as far as he was concerned, the script in its entirety could be published, as a result of events that had happened outside the courtroom.
On Tuesday, Mr Doherty gave details of what he said were documents related to Mr O'Brien's IBRC loans during a debate in the Dáil.
The Sinn Féin finance spokesman said he had documents which led to questions about the way IBRC was run in the public interest.

The convoy was heading through northern Paris on its way to Le Bourget airport late on Sunday evening when it was raided, reports say.
The gunmen seized a vehicle carrying the money and documents, later releasing the driver and two others.
The convoy was said to have come from the Saudi embassy. No-one was hurt.
The gunmen, reportedly armed with Kalashnikov rifles, targeted a Mercedes mini-van at 21:15 (19:15 GMT) on the northern ring road, or peripherique, at Porte de la Chapelle, on the edge of Paris.
The motorcade, belonging to a Saudi prince, was ambushed by eight people in two separate vehicles who pointed their guns at the driver of the Mercedes, forcing him to stop, French media reported.
The men then drove the vehicle away with the driver and the two other Saudis inside. No shots were fired but the Saudis were later freed.
"In the vehicle there was roughly 250,000 euros in cash and official documents from the embassy," police union spokesman Rocco Contento told BFM TV news.
According to Contento, the operation lasted just a few seconds, something that pointed to "a very organised and especially informed commando unit, who had information and accomplices".
"As far as I am concerned, it looks very much like it could be commandos from eastern Europe, who we know about, who are often paid to do dirty work."
The Mercedes was heading to Le Bourget airport with paperwork for the departing prince, who has not been named, according to the prosecutor's office. Le Bourget is often used for high-level visitors taking private jets to Paris.
The vehicle was eventually found abandoned and another of the gang's cars was found burned out.

The Channel 4 celebrity winter sports competition ended last night with a showdown between the Made in Chelsea star and Olympic gymnast Louis Smith.
Spencer came out on top to win the cow bell trophy as he beat  Louis Smith by almost one metre in the final jump.
The Made in Chelsea star told fans 'To all those who supported me in #TheJump thank you from the bottom of my heart. Love to all my fellow competitors too!!'
Irish state broadcaster RTÉ is trying to get an injunction granted to Ireland's richest man discharged.
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Heavily armed men have attacked a convoy of cars belonging to a Saudi prince, stealing 250,000 euros (£200,000; $330,000), police say.
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The winner of The Jump 2017 is Spencer Matthews.