IN&M could sell Independent titles

Independent News & Media has promised to eliminate “any loss-making businesses”, which could lead to a sale of its Independent and Independent on Sunday newspapers.

It is understood that IN&M is open to discussions with potential buyers of the titles, which are thought to be losing at least £10 million per year.

Alexander Lebedev, the Russian oligarch who last week acquired a 75% stake in the Evening Standard (see Lebedev buys Evening Standard) is rumoured to be interested in the titles.

In a trading statement, IN&M said that it had hoped to cut its total debt of around €1.4 billion (£1.31 billion) by £800 million with the sale of its 39% stake in Australian and New Zealand media business APN.

However, as the sale was unsuccessful, IN&M is cancelling the dividend, which cost the company €60.2 million in 2007, and halving capital expenditure to about €30 million, as well as issuing new bonds and disposing of “non-strategic” assets over the coming year.

Independent News & Media: www.inmplc.com