Lebedev nearby Independent understanding as box put to OFT

Alexi Mostrous, Media Editor & , : {}

Alexander Lebedev, the former KGB spy, changed inside of in contact with area of shopping the Independent titles yesterday when he and the newspapers publishing house lodged a acquiescence with the Office of Fair Trading (OFT).

Today outlines the deadline for talks in between Mr Lebedev and Independent News & Media after the Dublin-based organisation entered in to an disdainful non-binding agreement with the Russian billionaire in December. The deadline has already been lengthened on Feb 15.

The acquiescence to the OFT is a pointer that the parties competence have reached an agreement already over The Independent and The Independent on Sunday, media analysts said.

Theres a great possibility theyve essentially finished a deal, Douglas McCabe, an researcher for Enders Analysis, said. You dont go to the OFT until youre there or positively on the cusp.

Related LinksParadoxical billionaire "happy to lend a hand"Russias new chosen grabs a bit of London

The OFT acquiescence refers to the expected merger of The Independent and Independent on Sunday by Lebedev Holdings Limited.

Any intensity foe concerns lifted by the merger contingency be submitted by Mar 11. The OFT could technically impute the box to the Competition Commission, nonetheless Mr McCabe and alternative analysts can see no foe issues outset from the squeeze of the newspapers by Mr Lebedev.

Lebedev Holdings, that owns the Evening Standard, is owned by Evgeny Lebedev, Mr Lebedevs 29-year-old son, according to Companies House records. Lebedev Holdings not long ago set up a subsidiary, Independent Print, at Companies House.

If Independent Print is used to buy the Independent titles, Evegny Lebedev would turn the immature Russian owners of dual British inhabitant newspapers.

Progress is being done on the deal, industry insiders pronounced last night. Theres each clarity a understanding will be done, but it competence not be tomorrow, one chairman close to the understanding said. It could be subsequent week.

A key aspect of negotiations will be The Independents copy stipulate with Trinity Mirror, that is reported to be value �19 million.

Total sales of The Independent were down thirteen per cent year on year at usually underneath 186,000, according to ABC total expelled last week.