Lebedev looks to buy the Independent and the Independent on Sunday

The nature of the deal is as yet unclear as no official statement has been released from any agent.  However, according to Media World, sources suggest talks between Lebedev's representatives and senior executives from Independent News & Media (IN&M) are in 'advanced stages'.  Apparently, a number of options have been discussed, one of which is a  purchase.  One source has implied that a nominal sum for the two papers has already been drawn up and that the deal could be completed by the end of June.   

It appears that arrangements between the two bodies have been in the air ever since the Independent moved into the same Derry Street London offices as the Evening Standard in May.  

IN&M has come under pressure from a principal shareholder, Denis O'Brien, who wields a 26 per cent stake in the company, to relinquish the titles.  The move is perhaps indicative of the papers' diminishing profitability; as circulation and advertising revenue are reduced, pre-tax profit at IN&M's UK activity fell by nearly 99% year on year in 2008.  However, sources imply that IN&M will not sell the papers until it has settled the finances of its €220m bond, which expires on the 26 June.

Following the takeover of the Standard earlier this year, a new editorial direction adopted a revamped aesthetic style and reporting approach to reinvigorate the paper.  Lebedev's ownership style has been hotly debated, as concerns were voiced that his presence has encroached more onto the editorial realm than his self professed "hands off" attitude would suggest.  However, there is no doubt that the Standard has been given a fresh breath of life since the relaunch, thus, if the current deals do come to fruition it will be interesting to see what is held in store for the Independent and The Independent on Sunday. 

Source: Media Week