Independent News & Media (INM) has sold all rights to the U.K. national newspapers The Independent, The Independent on Sunday and the related website Independent.co.uk, to Independent Print Limited (IPL), a company controlled by the family of the Russian billionaire Alexander Lebedev, reported INM on its corporate web-site.
IPL paid GBP 1 for the newspapers. As part of the deal, INM will pay GBP 9.25 million to IPL over the next ten months for use within the newspapers, in exchange for IPL assuming all future trading liabilities and obligations.
Launched in 1986, The Independent has a daily print-run of under 200,000 copies. The operating loss of the acquired newspapers was GBP 12.4 million last year.
In January 2009, Alexander Lebedev bought out London’s daily newspaper Evening Standard.