THE TELEGRAPH: Alexander Lebedev, the former KGB spy, has finally bought The Independent and Independent on Sunday for £1.
As part of the deal Independent News & Media, the papers’ parent company, will pay Mr Lebedev £9.25m to cover the losses the titles are expected to make this year.
Gavin O’Reilly, chief executive of INM said: “This is a most satisfactory and positive outcome for the titles, their staff and for INM’s shareholders. The transaction will be immediately earnings accretive for INM. After our successful refinancing in late 2009, this transaction marks an important milestone in the repositioning of our group.”
The papers will be controlled by Mr Lebedev’s son Evegny who pledged to retain The Independent’s “in-depth investigative reporting and campaigns which promote transparency and seek to fight international corruption”. >>> Rupert Neate | Thursday, March 25, 2010