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24th May 2005

INM announces receipt of Indian Government Approval for Newspaper Investment in India

Independent News & Media PLC [ticker: INWS.I; INWS.L] [.Independent'] is pleased to announce today that it has received formal, statutory Indian Government approval for the purchase of 26% of Indian newspaper publisher, Jagran Prakashan Private Limited ['JPPL'], for a consideration of Rupees 1,500 million (.27.3 million).

This follows recent changes to India's foreign ownership legislation in the media sector and the earlier announcement (22nd December 2004) of Independent's intention to invest in JPPL, which was subject to approval by both the Indian Ministry of Information and Broadcasting and the Indian Foreign Investment Promotions Board. Both of these formal approvals have now been received.

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“Independent News & Media has always understood that beyond being a very successful company in the financial sense, it has broader social responsibilities to all those communities where it operates. This is demonstrated by over 200 projects and charities which the company has underwritten and supported and can be seen from the work that INM has done in education, particularly the work they’ve done in health education in South Africa in relation to HIV and AIDS.”

Baroness Margaret Jay, Non-Executive Director
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