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| Version 5 | Version 6 |
|---|---|
| Lebedev buys Independent for £1 | Lebedev buys Independent for £1 |
| (about 1 hour later) | |
| The Independent and Independent on Sunday newspapers have been sold to Russian billionaire Alexander Lebedev, owner of the London Evening Standard. | The Independent and Independent on Sunday newspapers have been sold to Russian billionaire Alexander Lebedev, owner of the London Evening Standard. |
| The oligarch bought the loss-making paper from Irish company Independent News & Media (INM) for £1, the cost of one daily edition of the newspaper. | The oligarch bought the loss-making paper from Irish company Independent News & Media (INM) for £1, the cost of one daily edition of the newspaper. |
| As part of the deal, INM agreed to pay Mr Lebedev's Independent Print Limited (IPL) £9.25m over the next 10 months. | As part of the deal, INM agreed to pay Mr Lebedev's Independent Print Limited (IPL) £9.25m over the next 10 months. |
| A deal between the two parties has been under discussion for many months. | A deal between the two parties has been under discussion for many months. |
| 'Positive outcome' | 'Positive outcome' |
| The payment from INM to the new owners is to cover "all future trading liabilities and obligations". | The payment from INM to the new owners is to cover "all future trading liabilities and obligations". |
| IPL said the agreement "provides a commitment by the Lebedev family to invest in the newspapers, which are currently loss-making, and inject new energy and impetus into them". | IPL said the agreement "provides a commitment by the Lebedev family to invest in the newspapers, which are currently loss-making, and inject new energy and impetus into them". |
| Now we have a financial measure of the mayhem in the newspaper industry Robert Peston, BBC business editor Read Robert's blog in full | |
| Speaking to the AFP news agency in Moscow shortly before the deal was announced, Mr Lebedev said, "I do not treat newspapers as business. I treat them as my responsibility." | Speaking to the AFP news agency in Moscow shortly before the deal was announced, Mr Lebedev said, "I do not treat newspapers as business. I treat them as my responsibility." |
| "I think newspapers are the only instrument which, through investigative reporting, can ferret out everything about international corruption," he added. | "I think newspapers are the only instrument which, through investigative reporting, can ferret out everything about international corruption," he added. |
| INM chief executive Gavin O'Reilly said the deal "is the most satisfactory and positive outcome for the titles, their staff and for INM's shareholders." | INM chief executive Gavin O'Reilly said the deal "is the most satisfactory and positive outcome for the titles, their staff and for INM's shareholders." |
| The sale still needs to be approved by the Irish competition authorities. | The sale still needs to be approved by the Irish competition authorities. |
| As a result of the sale, which is expected to be completed in May, INM UK head Ivan Fallon has retired from the group. | As a result of the sale, which is expected to be completed in May, INM UK head Ivan Fallon has retired from the group. |
| Free paper | Free paper |
| Both titles have, historically, struggled to get enough readers to generate sufficient profits, and this has been exacerbated in recent years by competition from free, online news. | Both titles have, historically, struggled to get enough readers to generate sufficient profits, and this has been exacerbated in recent years by competition from free, online news. |
| They have also suffered during the downturn as advertising revenue has fallen sharply. | They have also suffered during the downturn as advertising revenue has fallen sharply. |
| Mr Lebedev, a former KGB agent, bought the Evening Standard, also for £1, last year. | Mr Lebedev, a former KGB agent, bought the Evening Standard, also for £1, last year. |
| The paper is now given away free, and has seen its readership grow sharply as a result. | The paper is now given away free, and has seen its readership grow sharply as a result. |
| There is speculation that Mr Lebedev also plans to give away copies of the Independent titles. | There is speculation that Mr Lebedev also plans to give away copies of the Independent titles. |
| The National Union of Journalists said it had "no concerns about [Mr Lebedev's] editorial influence. | The National Union of Journalists said it had "no concerns about [Mr Lebedev's] editorial influence. |
| "We would like to think Mr Lebedev has an imaginative plan with good editorial investment in journalism, and a good distribution plan to maintain and increase the circulation of the paper. | "We would like to think Mr Lebedev has an imaginative plan with good editorial investment in journalism, and a good distribution plan to maintain and increase the circulation of the paper. |
| "We would also like to see all the speculation about editorship resolved quickly." | "We would also like to see all the speculation about editorship resolved quickly." |