Lebedev picks up The Independent for £1

25th Mar 2010 15:26

Russian billionaire Alexander Lebedev has bought The Independent and The Independent on Sunday from Ireland's Independent News & Media for £1.Lebedev, who already owns the London Evening Standard, will also receive £9.25m over the next ten months for use within the titles in exchange for assuming all future trading liabilities and obligations.The value of the assets being sold was nil at the end of December following a £12.4m loss in 2009.It's expected the deal will complete in May subject to gaining approval from the Irish Competition authorities.INM and the oligarch's Independent Print Limited (IPL) have agreed that all of INM's publications worldwide will keep full access, in real-time, to the titles' editorial copy. "This is a most satisfactory and positive outcome for the titles, their staff and for INM's shareholders," said INM boss Gavin O'Reilly. "The transaction will be immediately earnings accretive for INM.""I believe that the Lebedevs will be progressive and supportive owners."Existing Independent and Independent on Sunday staff will transfer to IPL from the current premises in Kensington, London, but Ivan Fallon, chief executive of Independent News & Media UK has decided to retire.