Independent loses out to US firm in bid for Scottish paper
Dr O'Reilly's offer, which is being backed by venture capital firm Providence Equity Partners, is some 7 million lower than that of Gannett, the US publisher of USA Today.
According to a report in yesterday's Mail on Sunday, the Irish media tycoon has decided not to increase his 328m bid to match Gannett, even though he has the support of the Herald's staff. Workers on the Glasgow-based title believe that under Dr O'Reilly, who already has extensive newspaper interests in Britain, their jobs would be safer and would benefit from access to the Independent's London advertising sales operation. He had also offered to move some of the Independent's editorial and production staff from London to Glasgow.
