Sir Anthony O'Reilly, the owner of Independent News & Media (IN&M), may have to sell the London-based Independent newspaper in London 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.
The Independent lost €10m last year and had the lowest circulation amongst all national newspapers with sales of 128,738 in September. The newspaper had recently increased its selling price to £1 from 80p in an attempt to make up for falling advertising revenues.
Over the weekend rumours were circulating that the newspaper group, Daily Mail & General Trust, were considering a bid for the Independent and its Sunday sister title for £1. The idea has been denied by both parties.
