Sir Anthony O’Reilly, the owner of Independent News & Media (IN&M), may have to sell the London-based Independent newspaper in order to pay back debt.If Sir Anthony cannot generate £1.1 billion from other disposals he will have to sell the underperforming newspaper.IN&M has been in discussions with other large newspaper publishers, about a cost-cutting plan where national newspapers would share overheads, such as sales and sub-editing functions. Denis O’Brien, an 11 per cent shareholder in IN&M, believes that Sir Anthony should sell The Independent in order to save shareholders money. It has been estimated that a sale of The Independent and its Sunday sister would save £13.4m per year.