Independent News & Media has unveiled a series of cost-cutting measures and has promised to focus on “eliminating any loss-making businesses”.
In a trading statement released today, INM said that it has failed to find a buyer for its 39% stake in Australian and New Zealand media business APN.
The group had hoped to cut its total debt of around €1.4 billion (£1.31 billion) by €800 million with the sell-off of APN.
INM did not mention its plans for the loss-making Independent and Independent on Sunday titles, which have been the subject of speculation following Alexander Lebedev’s acquisition of the Evening Standard.
In order to cut its debt, INM said that it will cancel the dividend, which cost the company €60.2 million in 2007 and halve capital expenditure to about €30 million, issue new bonds and look to dispose of “non-strategic” assets over the coming year.
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