Tycoon buys UK newspaper

Source: Agencies | January 23, 2009, Friday |

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.

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Tycoon buys UK newspaper

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