Evening Standard

Mondo Times editors    Boulder, Colorado USA

Posted at 4:40pm on Wednesday, January 21st, 2009

On January 22, 2009, The Wall Street Journal confirmed that the Evening Standard, London's leading afternoon newspaper, has a new owner:

Russian billionaire Alexander Lebedev agreed to bail out a prominent British newspaper in a deal that illustrates how struggling publishers are turning to unusual alliances and once-rare cooperation agreements to survive.

Mr. Lebedev, a former KBG agent, agreed after nine months of negotiations to pay a nominal sum to Britain's Daily Mail & General Trust PLC for 75.1% of the unprofitable Evening Standard.

While Fleet Street has had owners from Australia, Canada, the U.S. and Ireland, Mr. Lebedev is believed to be the first ex-security service agent or Russian to own a major British newspaper.

Lebedev is also the major shareholder, with former President Mikhail Gorbachev, in Russian newspaper Novaya Gazeta.

Eric Kallgren    Boulder, Colorado USA

Posted at 12:49pm on Monday, January 19th, 2009

On January 14, 2009, The Guardian newspaper in London reported that a Russian billionaire is buying the Evening Standard:

"The billionaire and former KGB agent Alexander Lebedev is to buy London's Evening Standard tomorrow, in a dramatic move that would see him become the first Russian oligarch to own a major British newspaper, MediaGuardian.co.uk can reveal.

Lebedev is poised to buy a controlling stake in the ailing title, following a year of secret negotiations with Lord Rothermere, its owner and the chairman of the Daily Mail & General Trust.

Under the terms of the deal Lebedev will purchase 76% of the newspaper, with the Associated Newspapers group retaining 24%. His son Evgeny, who lives in London, is due to sign the deal with Daily Mail & General Trust tomorrow. The agreement will make Lebedev the paper's controversial new proprietor."