Independent News and Media reported to extend the period of its talks with Russian billionaire Alexander Lebedev about its London Independent newspaper titles.

A deadline for talks to facilitate bringing the discussions to a successful conclusion has been extended to 26 February. It is hoped that the extension would "bring discussions to a successful conclusion" as earlier ,the talks were held up by issues including printing contracts with rival media group Trinity Mirror, pension’s deficits and redundancy costs.

Alexander Lebedev, the owner of London's Evening Standard had bought the title for a nominal fee from Daily Mail & General Trust last year. The purchase of the Independent titles would mark Mr. Lebedev's second move into the UK newspaper market.

Shareholders in INM are keen to get rid of the Independent titles, which are steadily suffering falls in circulation.