Russian billionaire Alexander Lebedev has indicated that he is looking for a minority partner for the UK publishing business.

It is believed that he has attend meetings with parties that might interested in picking a minority stake in his UK print business. However, not formal discussions are believed to have taken pace with any investor. Lebedev reaffirmed his commitment to the UK publishing business and said that he is not looking to sell the business but only looking for a backer in his efforts to bring back Independent titles and London Evening Standard to profitability.

"We're not selling, but looking for someone to come in. We have cut the losses at the Independent quite considerably. But in the business plan for the coming two years, the loss would still be there. We have been looking for a potential minority partner. But if we don't find a partner, we will go ahead," he said.

Lebedev's son Evgeny handles his UK newspaper business. The company is expected to hold its regular board meeting this afternoon and will discuss the latest comments by Lebedev. Many believe that the senior executives working on his London papers were not aware of his intent to find a new investor.