Independent sells papers for 88.7m

INDEPENDENT News & Media is to sell its regional newspapers in Britain for 88.7 million.

Involved in the initial sale are three of the group’s five newspaper divisions including East London and North London. The sale of the two remaining divisions, Kent and North West, is expected to be completed on or after the 30 December 2003. Up 25 titles are involved in the sale.

In March, Independent announced the disposal of its London regionals to Newsquest for stg£60m million (86 million), subject to approval by the Department of Trade and Industry.