The financial future of The Independent is to be redesigned later this month in the form of a £20m rights issue.
Tony O’Reilly’s Independent Newspapers and Mirror Group Newspapers will end up with 44% each of Newspaper Publishing. Of the two European shareholders, La Republicca has decided to pull out to concentrate on television interests in Italy, and Spanish El Pais will have the remaining 12% stake.
Under the agreement, Independent Newspapers and MGN will have an equal number of directors, although O’Reilly will be able to nominate the chairman. Andreas Whittam Smith is expected to stand down as chairman; a possibility would be Liam Healey, Chief Executive of the Irish Independent group. MGN will remain responsible for managing Newspaper Publishing as a business.
The latest round of newspaper ABCs show the Independent’s declining sales appear to have ceased.
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