It has been announced this morning that Mirror Group Newspapers has signed an agreement with the founders of the Independent, and the Spanish and Italian shareholders.
The consortium will make an offer for all the Shares in Newspaper Publishing not already owned by the members of the consortium. (52.92%) It is intended that discussions will be held with the Board of Newspaper Publishing to secure a recommendation.
MGN will be able to assist in the operations, but the stance of editorial independence will not be compromised; MGN will renounce the right to vote on the appointment or dismissal of the editors.
Andreas Whittam Smith said today; “I am delighted by this agreement to bring in Mirror Group Newspapers as a strong partner for us alongside our Italian and Spanish newspaper shareholders. Our editorial independence will be assured and we will be able to reduce our costs with increased investment in The Independent and The Independent on Sunday.”
Independent 071 956 1539.
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