Lebedev in ‘advanced talks’ to buy Independent: reports
19 Dec 2009
Finally, it seems the on-again, off-again talks between Alexander Lebedev and Independent News & Media (INM) over the fate of The Independent and the Independent on Sunday are entering a decisive phase.
The London Evening Standard owner, according to the Financial Times (FT) is in "advanced talks" to buy the titles.
FT cites "people familiar with the matter", as saying Lebedev, who has had talks earlier with INM, - has reopened negotiations.
For several months now, Gavin O'Reilly, INM chief executive, has been trying talk banks and bondholders into allowing a restructuring his company's £1.2billion debt mountain.
He also has also had to wage an internal battle with a rebel shareholder, Denis O'Brien, who, ironically, was urging him to dispose of the Indy titles.
According to analysts, O'Reilly at least publicly appeared to reject O'Brien's demands. They say he might have been marking time, waiting for a resolution of INM's difficulties before turning to an Indy sale.
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