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Lebedev Buys Out Evening Standard

Files under: News
Posted by: Quintura @ 18:13 [21. 01. 09]

I have recently suggested that some wealthy people from Russia were going to save major print media in Europe from closings. Today, the Russian billionaire Alexander Lebedev acquired 75 percent in Evening Standard, the most popular evening newspaper in London, from Daily Mail & General Trust (DMGT) for a nominal sum of GBP 1, reported business newspaper Vedomosti.

The paid newspaper Evening Standard faces a fierce competition in London from free newspapers Metro and TheLondonPaper. Evening Standard made losses of some GBP 10 million per year. Lebedev plans to invest GBP 25 million to revive the newspaper.

The Forbes magazine ranked Alexander Lebedev as Russia’s 39th richest man, with a net worth of $3.1 billion last May. His business interests include banking, media and construction.

Evening Standard has recently published the article “From Red Square to Trafalgar – the Russians are coming

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