Newspapers

Another Day, Another British Newspaper for Sale

By Noah Davis on January 27, 2009 3:22 PM

independent01.27.09.jpgFirst, the Brits let Russian billionaire (and, as every story reported, former KGB-officer) Alexander Lebedev purchase the Evening Standard for basically nothing.

Now, Sir Anthony O’Reilly is considering selling the Independent in a move that will “focus on eliminating any loss-making businesses” from the portfolio of his Independent News & Media PLC. Analysts estimate the paper’s losses at $13.8 million a year, a number that will undoubtedly increase given the struggles of the industry.

The company must find $260 million to pay of creditors in May — just like the Times! Its stock price did rise over 30 percent on the news of the potential sale.

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