British newspaper the Independent,which has just cut 90 editorial jobs, is to cut costs further by moving in with the Daily Mail newspaper group.
Parent company Independent News & Media said today the move from London's utilitarian Canary Wharf financial district to the more residential affluence of Kensington in west London, would add to recent “cost efficiencies” of about £10 million (€12.03 million) for the paper.
The Independentand its sister The Independent on Sundaypapers will have their own dedicated office space but share back-office services with The Daily Mail, The Mail on Sunday, Evening Standard, Metroand L ondon Lite.
Ivan Fallon, chief executive of Independent News and Media (UK) said the titles' prospects would be transformed as the move would “create better and more commercially viable newspapers while staying true to the editorial values we cherish”.
The move will take place at the end of January. At 2.25pm, Dublin-listed Independent News & Media shares were down 3.7 per cent at 44 cent.