Monday, March 01, 2010

Lebedev about to spend £1 on the Indy

According to yesterday's Sunday Times,

Alexander Lebedev, the former KGB agent turned media mogul, will this week pay a token £1 to take control of The Independent — the same price as buying one copy of the paper from the newsstand. But he will pledge to invest millions in the loss-making title and the Independent on Sunday over five years.

The report adds that

The final hurdle to a sale is close to being overcome this weekend after Independent News & Media agreed to take part of the pain of a 10-year printing deal with rival publisher Trinity Mirror.

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