UK’s Independent and Independent on Sunday newspapers have been sold to Russian billionaire Alexander Lebedev, owner of the Evening Standard.
The oligarch bought the loss-making paper from Irish company Independent News & Media (INM) for £1, the cost of one daily edition of the newspaper.
As part of the deal, INM agreed to pay Mr Lebedev’s Independent Print Limited £9.25m over the next 10 months.
A deal between the two parties has been under discussion for many months.
The payment from INM to the new owners is to cover “all future trading liabilities and obligations”.