The reports respectively cite “one source with knowledge of the negotiations” and “people familiar with the matter” and I wonder whether these are the same sources that tipped off Media Week that Lebedev was in “advanced negotiations” to buy the Indy in June. There seemed to be more credence in The Times’ story the same week that Lededev has had on-off discussions with with Indy managing editor Simon Kelner since June 2008, though this was quickly denied by Kelner (via Guardian.co.uk).

Will this deal fly? Lebedev could get a knock-down price for couple of well-respected but loss-making titles, but whether INM would sell, is another question. The company has been selling off everything but its UK newspapers recently, with digital assets, foreign newspaper stakes and profitable advertising businesses all getting the chop to fund an elaborate debt re-financing plan and return €150 million to bondholders.

This is what World Association of Newspapers CEO Gavin O’Reilly calls selling “non-core” assets, i.e. the flagship, calling-card Indy is a core asset. He’s rejected repeated calls from rebel shareholder Denis O’Brien to sell it. Ever the optimist, O’Reilly reckons the title will break even by the end of next year, helped by cost cuts from moving to DMGT’s offices.

Another barrier: Lebedev is rich, sure, but not as rich as he used to be. As Forbes reported recently, his fortune has dipped to $2.5 billion from a peak of $3.1 billionaire last year. The Lebedev-controlled Russian energy company Timan Oil & Gas has seen its fortunes deteriorate so far that the tycoon is expected to fend off possible liquidation with an emergency meeting. (via Times Online).

But Leb has said he regards newspapers as a “good way to waste money”, so maybe he doesn’t care about losing a little more…