Weekly NDM Story ..

The Independent seeks buyer

The Independent is up for sale. The paper's founder, and current chairman of its publishing company, Andreas Whittam Smith, has been authorised to seek out a buyer. The owners, Alexander Lebedev and his son, Evgeny, have been indicating for some time that they would be happy to dispose of the paper and its sister titles, i, and the Independent on Sunday. They have made various cryptic statements over the last six months about their willingness to offload loss-making papers that they see no prospect of turning into profit.

Alexander Lebedev's fortunes, based on a variety of businesses in Russia, have declined dramatically over the last couple of years. The first major indication of his decision to sell the papers was two key changes of personnel on the board of the company responsible for running them, Independent Print. Whittam Smith moved from being a non-executive director to become chairman. And, most striking of all, Evgeny stood down from the board. The official line from Independent Print is that Whittam Smith is merely seeking new investors. But the reality is that the papers are in play. Whittam Smith is said to feel "honour bound" to save the title he launched in 1986 and to do all he can to find someone willing to continue publishing the paper.

At present, bankers have not been appointed. And no genuine bidder, thus far, has emerged. (Rumours some weeks ago that Charles Saatchi was interested were quickly scotched). It would appear that Whittam Smith has put out a fishing line in order to see whether anyone bites. And, like many fishermen who use unpalatable bait, the wait for a catch is proving longer than he would wish. 

ABC figures for the month of November 2013 recorded: 

• The Independent's average daily sale as 67,710 copies, 
• But only 43,492 of these were sold at the full cover price of £1.40. 
• Its spin-off title, i, which sells for 20p, had a headline sale of 297,150,
• But 64,270 were bulk sales (those distributed at airports and hotels).

It is stressed by Independent insiders, speaking off the record, that nothing has suddenly changed in the last week to justify renewed speculation. One firm statement, however, is that the potential disposal does not involve the profitable London Evening Standard, nor does it affect the coming launch of London Live TV. The National Union of Journalists is worried about the implications of a sale. "If buyers are being sought, there must be guarantees on staffing levels and a commitment to the paper's editorial independence," says its general secretary, Michelle Stanistreet. "The Independent has an important role in providing a plurality of news content in the UK's national newspaper market. It is essential that it can continue to do so."