Why might Dr O’Reilly want to sell 30 per cent of the Independent?

The news that Tony O’Reilly may be willing to sell 30 per cent of the Independent newspaper seems utterly astounding. It has enjoyed a considerable succès d’estime by going tabloid. From being a catch-up sort of newspaper which did not excel in any particular area, it has become a trendsetter. First the Times followed suit and produced its own tabloid version. Then the Guardian announced that once it has acquired new presses it will transform itself into a so-called Berliner — i.e., the same shape as Le Monde. The rejigged management at the Daily Telegraph will have to make up its mind whether or not to produce a tabloid edition. Nor is this tabloid craze confined to Britain. In several other countries, including Dr O’Reilly’s own homeland, Ireland, broadsheets have been turning tabloid, or intend to do so.

The Independent has not simply changed the way quality newspapers look. As a result of going tabloid it has increased its circulation by some 20 per cent.