November 28, 2008 / 2:03 PM / 11 years ago

UPDATE 1-UK's Daily Mail takes Independent in as a lodger

(Refiles to correct typographical error)

* Independent newspapers to move into Daily Mail building

* Each newspaper group will have its own floor space but

share back-office services

* Move follows round of redundancies at Independent titles

(Adds more detail, comment, background)

LONDON, Nov 28 (Reuters) - British newspaper the Independent, which has just cut 90 editorial jobs, is to cut costs further by moving in with the Daily Mail newspaper group (DMGOa.L).

The Independent is known for its campaigns, regularly turning its entire front page over to a single issue, while the Daily Mail carries a strong right of centre political image.

Parent company Independent News & Media Plc INME.L said on Friday the move from London’s utilitarian Canary Wharf financial district to the more residential affluence of Kensington in west London, would add to recent “cost efficiencies” of about 10 million pounds ($15.4 million) for the paper.

The Independent and its sister The Independent on Sunday papers will have their own dedicated office space but share back-office services with The Daily Mail, The Mail on Sunday, Evening Standard, Metro and London Lite.

Ivan Fallon, chief executive of Independent News and Media (UK) said the titles’ prospects would be transformed as the move would “create better and more commercially viable newspapers while staying true to the editorial values we cherish”.

The move will take place at the end of January.

At 1340 GMT, Dublin-listed Independent News & Media shares were down 2.0 percent at 0.451 euro, while Daily Mail shares were up 3.2 percent to a two-week high at 303 pence. (Reporting by Dan Lalor; Editing by Greg Mahlich)

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