INM and Lebedev set to agree sale of titles this week

INDEPENDENT News & Media (INM) is expected to complete the sale of its loss-making London-based newspaper titles – the Independent and Independent on Sunday – to Russian billionaire Alexander Lebedev this week.

Mr Lebedev – who owns London’s iconic evening title, the Evening Standard – has been in exclusive talks with INM management, over acquiring the titles, since before Christmas. That exclusivity agreement was not extended for a third time last week, when the latest deadline passed, only because it is understood that a final agreement has almost been reached.

Although it was thought INM might make an announcement yesterday, none materialised but it is strongly believed that the sale will be completed before the end of the week.