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Independent News & Media Plc (INM), a leading international newspaper and communications group has decided to sell the ailing publications in London, The Independent and The Sunday Independent. The company, last week, made the announcement of entering into exclusive talks with Mr. Alexander Lebedev for the future ownership of the titles.

The future of the two newspapers has been questioned over the past year. This has been manly due to the losses suffered by Dublin-based firm amid an advertising slump. As part of cost-cutting plans of the INM, the Company has also reduced the number of staff this year.

INM is currently in principle, but non-binding, agreement with Lebedev. The Company has stressed in the announcement notice that these discussions are still preliminary at this stage and are subject to due diligence, agreement on the financial consequences of the transaction for INM.

Alexander Lebedev is a Russian entrepreneur, referred to as one of the Russian oligarchs. He is part owner of the Russian newspaper Novaya Gazeta and bought the London-based newspaper the Evening Standard in January this year.