INM’s green light for London deal

Independent News & Media said yesterday that the British Competition Commission has provisionally cleared the sale of its 27 weekly newspapers in the London area to Archant.

The provisional findings of the report have concluded the merger would not lead to a substantial lessening of competition in the market for advertising in those areas affected by the takeover.

So far, Independent has received £57m in cash from the sale and expects the remaining £5m in September.

Ownership of all Independent’s 27 London regional titles was transferred unconditionally to Archant last December.