Sir Anthony O’Reilly’s Independent News & Media today revealed a range of cost cutting measures to reduce the company’s debt pile, including axing the dividend and putting a number of assets under review.
In an unscheduled trading statement today, the group said it had given up on finding a permanent buyer to take over affairs for its stake in Australian and New Zealand media business APN. The update did not specify what the Dublin based company has in mind for The Independent Newspaper whose fate is the subject of intense speculation ahead of their move to share numerous offices with Associated Newspapers and following last week’s sale of the London Evening Standard to Russian Alexander Lebedev.
However, INMs promise to focus on asset tracking for any losses that the business have made suggest that it would be open to any offers.O’Reilly is apparently understood to be reluctant to sell the newspaper firm as it has always been a part of his cherished empire but considering recent economic events it will be hard to hold onto the company. Fixed asset tracking would of helped with matters but now it is simply too far gone.
However given the state of emergency at the newspaper company – which has seen its share price slump 95% in the last two years – his hand may now be forced if a high bidder is forthcoming. Attention will inevitably be focused on Lebedev, who picked up loss-making Standard for just £1 last week, but who has so far brushed off various positiive rumours that he is also interested in taking over the British Newspaper, The Independent. It is a shame to see one of the most popular newspapers fall in such a frustrating financial time but I suppose it is un-avoidable. I have always admired the Independent as they are almost completely un-biased in their writing and give a fair judgement on everything. If the newspaper does go down the trash can it will be a horrible end to such a great history for the company.
Tags: asset tracking, fixed asset tracking, the independent newspaper