Lebedev 'on verge' of buying Independent
Thursday, 11 June 2009 3:05 PM
By Ian Dunt
The Russian billionaire who recently bought a majority stake in the Evening Standard is on the verge of adding the Independent newspaper to his portfolio, according to reports.
Alexander Lebedev is understood to be the advanced stages of negotiations to take up the Independent and its sister publication, the Independent on Sunday, which have both been suffering financially.
According to a source quoted by Media Week, a nominal offer for the papers is already on the table and could be finalised by the end of the month.">
There is some logic to the move. The Independent recently moved into the same offices as the Evening Standard in Derry Street, in a bid to cut costs.
Both papers have a history of making a loss.
The sale would formalise Mr Lebedev's position as a serious player in the world of British newspapers.
Asked before his takeover of the Standard if he intended to have any influence on its editorial policy, he stressed that his only political priority concerned the existence of a robust free press.
"This is not my way to make money, but I'd like to explain to the public that newspapers are something they should love and cherish," Mr Lebedev told Bloomberg News.
"Obviously I would be in charge of the financial side.
"I have an interest in serving the case of defending the freedom and independence of print media."
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