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. Last Updated: 07/27/2016

Consortium Buys British Newspaper

LONDON -- Britain's Independent newspaper, facing a stark choice between selling out or going bust, Wednesday finally agreed to sacrifice its most sacred principle and hand command to a tabloid group and two European dailies.

The paper, founded in 1986 with a determination to stay out of the grip of the world's big press barons, had resisted a takeover led by Britain's Mirror Group and the publishers of Spanish daily El Pais and Italy's La Repubblica for more than a month.

Irish tycoon Tony O'Reilly tried to scoop the consortium's bid by buying a chunk of shares at a better price, but ultimately fought shy of launching a full offer.

After squeezing better terms from the consortium, also backed by founder Andreas Whittam- Smith, and with cash running dangerously low, the Independent finally gave in.