Independent News & Media (INM) is preparing to sell The Independent newspaper title as it struggles under a £1.24 billion mountain of debt, it has been reported by The Times.
It is understood that Sir Anthony O'Reilly is seeking investors willing to purchase the troubled title or take a controlling stake. A further option would be to merge the title with another newspaper.
The Independent and its Sunday sister title are likely to lose more than £10 million this year.
Sir Anthony, INM's chief executive, has had control of the newspaper for 11 years. He believes that the rate of losses at The Independent are unmanageable.
Independent News & Media also has a €200 million bond that is due to be paid next month to worry about.
Nicholas Shott, a media banker at Lazard who managed the sale of the Evening Standard and The Daily Standard, has been asked to find potential buyers.
Rumours that Alexander Lebedev, the Russian businessman who bought the Standard in January, will take on The Independent persist. The newspaper could also merge with the Evening Standard.
