Investor Relations
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11th Dec 2003

INM sells London Regional Newspaper divisions to Archant

Independent News & Media PLC [‘INWS.I’] announced today, that its UK subsidiary, Independent News and Media Limited [‘Independent’], has entered into agreements for the sale of its London regional newspaper operations to Archant Regional Limited [‘Archant’] for a consideration of STG£62.0 million (approximately €88.7 million).

Independent today received cash of STG£52.0m (approximately €74.4 million) from Archant for three of the five newspaper divisions ("Post", "East London" and "North London"). Following statutory changes to the regulatory regime for newspaper transfers/mergers, the sale of the two remaining divisions ("Kent" and "North West") is expected to be completed on or after the 30th December 2003, pursuant to a put and call option agreement entered into today.

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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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