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Independent News & Media has turned down Denis O’Brien’s call for shareholders to vote on the closure of its UK Independent newspapers.

INM’s second biggest shareholder Denis O’Brien has proposed an alternative rescue plan that would see him invest £90 million into the ailing company.

The Local Radio Company will withdraw from the London Stock Exchange from 7am on September 30.

Independent News & Media has confirmed that discussions with lenders of a €200 million bond have advanced significantly and said it is close to securing terms that will see it swap bonds for shares.

Television revenue continues to fall, with all channels recording year on year percentage declines.

Independent News & Media is looking to extend its financial standstill agreement for another month as its £200 million bond is set to expire once again.

Although some of the delegates might have been feeling a little worse for wear after last night’s Radio Advertising Awards, today’s MediaTel ‘Future of Radio’ seminar still managed to get the debate going.

Today marks the last ever edition of thelondonpaper, as its vendors hit the streets for the last time.

The private ownership of most of the radio industry is a big positive which allows it to focus on its long term future, according to panellists at this morning’s MediaTel Group ‘Future of Radio’ seminar.

Andrew McGuinness, founding partner of Beattie McGuinness Bungay, has been named as the new chairman of the the Advertising Association.