Independent News and Media (INM) has sold off its extensive South African newspaper business for €170m as it battles to reduce its €420m debt mountain.However, the asset sale delivered far less than the initial sale estimates of around €240m and the disposal of Independent News and Media South Africa (INMSA) will now deliver R2bn (€169.1m) gross from the sale, which industry sources estimated to be a respectable seven times EBITDA (earnings before interest, taxes, depreciation and amortisation).

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