Independent News & Media has announced the sale of its stake in a Portuguese newspaper group as it continues to dispose of non-core assets.
The publisher has sold its 19.1% stake in Lusomondo Media to the Lisbon-based Cofina Group for £17 million. Cofina owns several of the biggest titles in Portugal including
Correio da Manha,
Record,
Vogue and
GQ.
“This sale is a further step in the Group’s recapitalisation programme, and I am pleased to say that this programme is now close to its fullest completion,” said Donal Buggy, the chief financial officer at INM.
