THE PURCHASE of the loss-making London Independent titles by Russian moneybags Alexander Lebedev appears to be progressing satisfactorily, which is good news for Independent News Media.
I’m told that a deal could be tied up by the February 15th deadline for exclusive talks and closed out by the end of March.
No consideration is expected to be paid but IN&M is expected to book a one-off cash charge of about €10 million following the sale, possibly in its 2009 accounts.
If this proves to be the case, it will something of a result for IN&M, which had estimated the costs of closing the Independent in London – a course of action proposed by Denis O’Brien – at about €25 million. It has never made a profit under IN&M’s ownership.
IN&M confirmed before Christmas that it was in talks with Lebedev, who also owns the Evening Standard.
The sale will comprise the daily title and the Independent on Sunday. Lebedev is believed to be considering making it a freesheet, as he did with the Evening Standard and Rod Liddle is rumoured as a possible new editor.
