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Tycoon buys UK newspaper
Source: Agencies |
January 23, 2009, Friday
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Print Edition
Print Edition
THE London Evening Standard's owners announced Wednesday that Russian tycoon Alexander Lebedev has bought a controlling 75.1 percent stake in the venerable but money-losing newspaper for a "nominal sum" widely reported to be 1 pound (US$1.40).
Lebedev insists he's not in it for the money ?? a good thing, media analysts say. With newspapers across Europe and North America in crisis, it's a poor investment.
"He won't make a profit from it," said Roy Greenslade, a professor of journalism at City University in London. "If one of the most successful media companies in Britain can't make money off it, with the greatest respect, I don't think he can."
Standard owner Daily Mail & General Trust PLC confirmed Wednesday that Lebedev and his 28-year-old son Evgeny would acquire a 75.1 percent stake. Daily Mail & General Trust will retain a 24.9 percent stake.
Lebedev insists he's not in it for the money ?? a good thing, media analysts say. With newspapers across Europe and North America in crisis, it's a poor investment.
"He won't make a profit from it," said Roy Greenslade, a professor of journalism at City University in London. "If one of the most successful media companies in Britain can't make money off it, with the greatest respect, I don't think he can."
Standard owner Daily Mail & General Trust PLC confirmed Wednesday that Lebedev and his 28-year-old son Evgeny would acquire a 75.1 percent stake. Daily Mail & General Trust will retain a 24.9 percent stake.
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