Independent News & Media has announced it has extended the deadline for its exclusive talks with Alexander Lebedev about the future ownership of INM's London-based titles, The Independent and Independent on Sunday, prompting expectations that a deal may be imminent.
In a statement released to the stock exchange, the Irish-listed media company said that the "period of exclusivity" has been extended from today to February 26th 2010 to "facilitate bringing these discussions to a successful conclusion".
In December, Mr Lebedev entered exclusive negotiations with the Irish publisher on the possible purchase of its loss-making UK titles.
Mr Lebedev owns a majority stake in London's main daily newspaper, the Evening Standard.
It was reported last month that Mr Lebedev is unlikely to pay for the business, and that the disposal would result in IN&M taking a once-off €10 million charge on its accounts for either 2009 or this year.
However, the deal would ultimately result in savings for the media group which has never made a profit from the British titles.
Circulation at both papers has been falling.
Last week's official sales figures showed the daily title was down 14 per cent year on year at an average of just under 190,000 total sales, while the Independent on Sunday has seen sales fall 15.2 per cent to 159,000 sales.
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