INM closer to deal on London titles

London: Independent News & Media (INM) seems to be moving closer to concluding the sale of its two London-based newspaper titles – the Independent and the Independent on Sunday – to Russian tycoon, Alexander Lebedev.

Mr Lebedev – who also owns the Evening Standard in London – said yesterday that although contracts haven’t been exchanged a deal is ready to be done. He told the Wall Street Journal that the Trinity Mirror Group will continue to print the titles, under the new ownership; something which should smooth a conclusion of the deal.

On Thursday, INM lodged a submission with Britain’s Office of Fair Trading (OFT) to review the proposed deal.