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. In a market that has been steadily declining, and in which the Independent itself was an increasingly sickly player, this is a spectacular achievement. Renewed success has brought some extra editorial vigour, though I am not over-fond of the hectoring front pages with their selective lists of statistics. But no one could any longer say that the Independent is an also-ran. Whether the plaudits should go to the paper’s editor, Simon Kelner, or to its chief executive, Ivan Fallon — my guess is more to the former than to the latter — the Independent has transformed the national press, influenced the international press and restored its own fortunes.

All the more shocking that at the moment of triumph, Dr O’Reilly should reportedly be considering selling a 30 per cent stake in the newspaper. According to a source in the Times, the money is being sought so that the Independent can undertake a major marketing campaign.