Alexander Lebedev, Russia’s business magnate, has gained ownership of Britain’s Independent and Independent on Sunday newspapers.
In the following ten months, Independent News and Media (INM) will pay Lebedev’s firm Independent Print Limited £9.25m. This is meant to be a compensation for liabilities in the future.
Lebedev bought the titles of the newspaper for a meager sum of £1. This deal will rescue the previous owners, Independent News and Media, since closing the papers would have cost the company £28 to £40m.
This takeover underlines the troubles that British newspapers face owing to an inability to attract advertising revenue. Most papers struggle to keep up their circulation in a highly advanced digital age.
The news of the takeover was announced in a statement by the INM group.
INM's Group Chief Executive, Gavin O'Reilly, “I believe that the Lebedevs will be progressive and supportive owners of the Independent titles which have played such an important role in British public life for nearly 25 years”.
The INM group also evinced to its readers that they can rest assured since the future of the Independent and Independent on Sunday was secure.