28th Nov 2008 12:41
Ticker: (Bloomberg) INM.ID/ INM.LN and (Reuters) INME.I/ INME.L
Independent News & Media (UK) Ltd and Associated Newspapers Ltd
announce Shared Services Agreement
The Independent and Independent on Sunday are re-locating from their premises in Docklands to Northcliffe House, Kensington, headquarters of Associated Newspapers, publishers of the Daily Mail, The Mail on Sunday, Evening Standard, Metro and London Lite.
Under an agreement signed today, Independent Newspaper titles will have their own dedicated office space and will share some back office services.
The two groups' editorial, management and commercial operations will remain entirely separate. The Independent and Independent on Sunday will remain under the full ownership of INM.
The move, which will take place at the end of January 2009, follows last week's announcement of a restructuring of The Independent which will deliver annual cost efficiencies of approximately £10 million. The new shared service agreement with Associated will deliver additional savings.
Ivan Fallon, chief executive of Independent News and Media (UK) said:
"This move will transform the prospects of the Independent titles. We will have immediate cost savings when we move offices and take maximum advantage of the resources and services offered to us by our partners at Associated to create better and more commercially viable newspapers while staying true to the editorial values we cherish."
Ian Hanson, operations director of Associated Newspapers, said:
"We look forward to welcoming Independent News and Media (UK) to our offices in Kensington. The cost savings from a sharing of infrastructures will be beneficial to both organisations."
ENDS
Related Shares:
Independent News & Media