Board of 'Independent' studies business plan: Company to continue talks with potential new investors
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE BOARD of Newspaper Publishing, publisher of the Independent and Independent on Sunday, yesterday considered a strategic business plan to boost circulation, advertising and promotion of the two titles.
The board also decided to continue discussions with potential new investors, which include three 'Fleet Street' publishing houses.
The company is interested in the possibility of sharing non-editorial facilities, such as printing and distribution, but the company stressed that it would not entertain any arrangement that detracted from the independence of the newspapers.
One plan discussed yesterday involves the company's Spanish and Italian investors (El Pais and La Repubblica) gaining a controlling share of the company, with a new newspaper investor taking a minority holding. Andreas Whittam Smith, editor of the Independent, has always maintained that the papers could have no better partners than the Spanish and Italian investors, who have been supportive throughout the financial problems caused by the recession. He said yesterday: 'We are simply not discussing solutions that would prevent us being independent publishers.'
The board firmly ruled out any cuts in the editorial budgets of the papers.
A statement from the company last night said: 'Newspaper Publishing PLC today considered a strategic plan formulated by the company's management to develop NPP's business over the next three years. A number of different options were examined which would allow a secure future to emerge from the restructuring process now being undertaken. Considerable progress has been made and a further statement will be made early in the new year.'
Last night Robin Cook, trade spokesman for the Labour Party, said that Labour would give the newspaper 'every support' to stay independent.
'We will press for any takeover by another newspaper group to be blocked by the Monopolies and Mergers Commission. Newspaper ownership is already held in too few hands,' he said.
'The public interest lies in promoting wider ownership of the press, not in even fewer people controlling the news we read.'
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments