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Media
Indy to stay
By CMU Editorial | Published on Wednesday 30 September 2009
Independent News & Media, owners of The Independent, have successfully renegotiated their many debts in a deal which might save the struggling broadsheet.
As much previously reported, there has been disagreement among INM’s shareholders as to whether the company’s refinancing should include the sale of The Indy (a move that could lead to the title being closed, given few would want to buy it). One big shareholder – Denis O’Brien – wanted rid of the broadsheet, while another, the biggest shareholder – Tony O’Reilly – insisted the company should hold onto the title.
O’Reilly preferred a proposal whereby the company would dish out equity to its money lenders – significantly reducing both his and O’Brien’s stakes – in order to give the company a bit more financial security. As part of that arrangement, which O’Reilly successfully got approved yesterday, despite O’Brien’s opposition, The Indy will stay, though will presumably need to turn round its commercial performance to ensure its long term survival.
Some at the Indy say they are now confident they can at least reach a break even point – month on month – in the next year or so, now that their near term survival seems more assured. So that’s nice.
