Independent News & Media said its UK subsidiary has entered into final agreements for the sale of its London regional newspaper operations to Archant for €88.7m.
The newspaper group today received a cash injection of £52m(€74.4m) from Archant for three of the five newspapers divisions.Following statutory changes to the regulatory regime for newspapers transfers/mergers the sale of the two remaining divisions is expected to be completed on or after the 30th December 2003.
Speaking today Ivan Fallon, CEO of the Independent News & Media UK said : 'having considered the merits of alternative offers, we have reached agreement with Archant, who we believe to be an ideal owner'.
Media group Archant currently employs around 2400 employees and its newspapers division, Archant Regional, is a UK top ten regional newspaper publisher. Archant was the single largest shareholder in the short lived 'Dublin Daily', the Dublin based daily newspaper which closed earlier this year.
