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FDN Database Reference: F231109-365
Independent News & Media PLC (INM) has sold The Independent and The Independent on Sunday to Independent Print Limited (IPL), a company controlled by the family of Alexander Lebedev. Lebedev is the Russian billionaire and former KGB agent who bought the London Evening Standard last year.
IPL will acquire all rights to The Independent, The Independent on Sunday and the related website, www.independent.co.uk. Existing Independent and Independent on Sunday staff will transfer to IPL, who will continue to operate from the current premises in Kensington, London. As a result of this disposal, Ivan Fallon, chief executive of Independent News & Media UK has retired from the Group.
Aprox. Value: The consideration payable by IPL is £1. As part of the transaction, INM will pay IPL £9.25m over the next ten months for use within the Titles, in exchange for IPL assuming all future trading liabilities and obligations. The disposal is subject to certain conditions, including Irish Competition approval. The value of the assets being disposed of was nil at 31 December 2009 and the operating loss (i.e. before exceptionals, interest and tax) for the 12 months ended 31 December 2009 was Stg£12.4 million.
Vendor: Independent News & Media PLC
Vendor Web: http://www.inmplc.com
Location: Ireland, Dublin/UK, London
Description: A leading international newspaper and communications group, with its main interests in Australia, India, Ireland, New Zealand, South Africa and the United Kingdom.
The Group publishes over 200 newspaper and magazine titles, delivering a combined weekly circulation of over 32 million copies, with a weekly audience of over 100 million consumers and includes the world’s largest read newspaper, Dainik Jagran, in India. The Group has established a strong and growing online presence, with over 100 editorial, classified and transactional sites.
INM is the largest radio operator – over 130 stations and an audience of almost six million people – and outdoor advertising operator in Australasia and also has leading outdoor advertising operations in Hong Kong, India, Indonesia and across Africa.
The Group manages gross assets of €2.2 billion, revenue of €1.4 billion and employs approximately 8,700 people worldwide.
Category: Newspaper, Media
Contact 1: Gavin O’Reilly, Group Chief Executive Officer
Contact 2: Vincent Crowley, Chief Operating Officer
Contact 3: Dónal Buggy, Chief Financial Officer
Link: Press Release
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