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Indept. News & Media (INM)

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Thursday 29 April, 2004

Indept. News & Media

Referral to UK Competition

Independent News & Media PLC
29 April 2004

29 April 2004

Independent News & Media PLC: Update on completed UK regional newspaper disposal

The Office of Fair Trading in the United Kingdom has today announced that it has
referred the completed disposal of Independent News & Media's UK regional
newspaper division to Archant Limited to the UK Competition Commission. This is
the first referral of a newspaper merger under the new Enterprise Act which came
into effect at the end of 2003.

On December 11 2003 Independent announced that it had received cash of Stg£52m
(approximately €74.4m) from Archant for three of the five London divisions. On
December 30 2003 it agreed to sell the remaining two divisions for a further
consideration of up to Stg£10m (€14.4m), Stg£5m of which has been received and
the balance is dependent on final regulatory approval.

To date, Independent has received Stg£57.0m in cash and anticipates receiving
the remaining Stg£5.0m once the regulatory process is completed. Ownership of
all Independent's 27 London regional titles was transferred unconditionally to
Archant in December, at which stage Archant took on responsibility for any
further regulatory review.


Ivan Fallon - CEO, Independent News & Media UK           +44.20.7005.3800

Mark Edwards - Buchanan Communications (London)          +44.20.7466.5000

Jim Milton - Murray Consultants (Dublin)                 +353.86.255.8400

                      This information is provided by RNS
            The company news service from the London Stock Exchange