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You can find the current article at its original source at http://www.theguardian.com/media/2016/feb/11/evgeny-lebedev-in-talks-to-sell-i-newspaper-to-johnston-press
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| Evgeny Lebedev in talks to sell i newspaper to Johnston Press | Evgeny Lebedev in talks to sell i newspaper to Johnston Press |
| (35 minutes later) | |
| Johnston Press and the company run by Evgeny Lebedev have confirmed that they are in advanced discussions about a £24m sale of the i, the cut price national newspaper. | Johnston Press and the company run by Evgeny Lebedev have confirmed that they are in advanced discussions about a £24m sale of the i, the cut price national newspaper. |
| Johnston Press, which owns more than 200 local titles, was bullish about the talks, saying they are at “late stage” for a cash deal to acquire the “business and certain assets of the i. | Johnston Press, which owns more than 200 local titles, was bullish about the talks, saying they are at “late stage” for a cash deal to acquire the “business and certain assets of the i. |
| The regional newspaper publisher said that in the year to the end of September 2015, the i had an “unaudited carve-out” operating profit of £5.2m. | The regional newspaper publisher said that in the year to the end of September 2015, the i had an “unaudited carve-out” operating profit of £5.2m. |
| Related: Johnston Press in advanced talks to buy the i newspaper in £25m deal | Related: Johnston Press in advanced talks to buy the i newspaper in £25m deal |
| The figure is the first time an independent assessment of the profitability of the i, which was launched in 2010, has been made public. | The figure is the first time an independent assessment of the profitability of the i, which was launched in 2010, has been made public. |
| It has widely been considered almost impossible to unpick the operation of the i from the Independent and Independent on Sunday due to huge editorial and commercial co-dependency and shared resource between the titles. | It has widely been considered almost impossible to unpick the operation of the i from the Independent and Independent on Sunday due to huge editorial and commercial co-dependency and shared resource between the titles. |
| When the i was launched in 2010 the publisher’s former chief executive Andy Mullins said it was a “rubber ring” around the Independent and the only thing that would make it sustainable long term. | |
| Johnston Press, a publisher of local and regional newspapers, says that adding the national titles to its portfolio would make it the UK’s fourth largest print publisher with over 600,000 paid copies a day. | Johnston Press, a publisher of local and regional newspapers, says that adding the national titles to its portfolio would make it the UK’s fourth largest print publisher with over 600,000 paid copies a day. |
| The rationale is that it would expand its ability to gain a greater share of the national advertising market – regional newspapers take a portion of major advertisers’ national campaign budgets. | The rationale is that it would expand its ability to gain a greater share of the national advertising market – regional newspapers take a portion of major advertisers’ national campaign budgets. |
| The company said the acquisition, which could be struck in the next few days, would be “cash-generative and immediately earnings-enhancing”. | The company said the acquisition, which could be struck in the next few days, would be “cash-generative and immediately earnings-enhancing”. |
| Related: Lebedevs seek financial security at strike-threatened Independent | Related: Lebedevs seek financial security at strike-threatened Independent |
| ESI Media, the parent company of Lebedev’s assets including the i, Independent and TV station London Live, published a less vehement statement regarding the prospects of a successful deal. | ESI Media, the parent company of Lebedev’s assets including the i, Independent and TV station London Live, published a less vehement statement regarding the prospects of a successful deal. |
| “I can confirm that we are in discussion with Johnston Press regarding the sale of i newspaper,” said Steve Auckland, group chief executive of ESI Media. “At this stage no decision has been made and we realise the uncertainty that this news will cause our employees and customers.” | “I can confirm that we are in discussion with Johnston Press regarding the sale of i newspaper,” said Steve Auckland, group chief executive of ESI Media. “At this stage no decision has been made and we realise the uncertainty that this news will cause our employees and customers.” |
| Auckland said that despite the de-stabilising effect of the news of the potential sale the company “remains committed to our brands”. | Auckland said that despite the de-stabilising effect of the news of the potential sale the company “remains committed to our brands”. |