The British Competition Commission has today provisionally cleared the sale Independent News and Media's 27 weekly newspapers in the London area to Archant Ltd.
The commission concluded the deal would not lead to a substantial lessening of competition in the market for advertising in those areas affected by the takeover.
To date, INM has received £57 million in cash and anticipates receiving the remaining £5 million once the regulatory process is completed, probably in September.
Ownership of all INM's 27 London regional titles was transferred unconditionally to Archant in December, at which stage Archant took on responsibility for any further regulatory review.