Lebedev eyes Independent

RUSSIAN oligarch, and Evening Standard majority stakeholder, Alexander Lebedev is understood to be mulling a deal to buy The Independent and Independent on Sunday.

Simon Kelner, the Independent titles’ managing director, and Lebedev have been in discussions over a possible deal for some months, but the process is said to have been accelerated this week.

The tie up between the titles, which have shared the same building since early May, could lead to significant cost savings across both their commercial and editorial operations.

And Denis O’Brien, a majority shareholder in the Independent titles’ owner, Independent News & Media (INM), has been calling for a sale of the titles for some time.

A nominal offer for the two titles has already been tabled, according to trade magazine Media Week.

“There are several options and a sale is not a done deal,” said Media Week editor Steve Barratt. “But there is a proposal on the table and an announcement is expected by the end of the month.”

The news comes ahead of INM’s, annual general meeting, being held this morning, at which shareholders will hope for an update on the refinancing of its €220m (£187m) bond, due to expire on 26 June.

It is highly unlikely than any sale will go through before the issue of financing the bond is resolved.