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Journalists on The Independent newspaper have a "gun held to their head" as ex KGB spy and Evening Standard owner Alexander Lebedev lines up his takeover. The Russian media mogul, who bought the Standard for a pound last year, has supposedly told owners he will not buy unless redundancy terms are reduced. Stephen Brook on Media Guardian reported that "generous redundancy terms" would need to be cut from four weeks per year of service to two weeks in order for Lebedev to agree to buy the titles. Hacks are said to be "spitting blood" as they struggle to keep the paper alive in the face of a dwindling circulation and a protracted sale. The period of exclusive negotiations between IN&M and Lebedev expires on 26 February - which was given a weeks extension. Similar strong-armed tactics were revealed when Lebedev bought the Standard and redundancy terms for departing journalists there were driven down. Far from being "generous" the terms are on a par with departing Guardian journalists who receive four weeks’ pay for every year’s service up to £95,000, plus three months’ pay in lieu of notice.
Not the favourite
He was not the favourite in the running for the 24-year-old broadsheet with the Daily Mail tipped to pick up the Indy after unloading the prestigious Standard. Commentators have also said that problems elsewhere in Lebedev's business empire will prevent him from acquiring the publication. Independent News & Media, who own the struggling journal, are reviewing its business after its boss and majority shareholder, Tony O'Reilly, agreed to take a back seat role last month after mounting pressure from other shareholders, most notably Irish businessman Denis O'Brien, who owns nearly as big a stake as the O'Reilly family.
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