Former KGB agent buys Evening Standard for £1
Posted by Leah McBride Mensching on January 21, 2009 at 12:34 PM
Russian billionaire and former KGB agent Alexander Lebedev has agreed to buy a controlling stake in UK newspaper the Evening Standard for a mere £1, due to the newspaper's loss-making status, Press Association reported Wednesday. The Daily Mail & General Trust-owned newspaper is also expected to see revenues dwindle in the coming years.
DMGT will hand over the 75.1 percent share in the London weekday newspaper to Lebedev's company, Evening Press, which he formed with his son Evgeny. DMGT's Associated Newspapers division will continue to hold the minority 24.9 percent share in the new firm, now called Evening Standard Ltd.
DMGT will hand over the 75.1 percent share in the London weekday newspaper to Lebedev's company, Evening Press, which he formed with his son Evgeny. DMGT's Associated Newspapers division will continue to hold the minority 24.9 percent share in the new firm, now called Evening Standard Ltd.
"We got nothing up front," said Peter Williams, finance director for DMGT, noting the sum Lebedev paid was "truly nominal, totally immaterial, doesn't matter," according to Press Association.
However, Williams told Press Association, DMGT will receive a share of the Evening Standard's profits when it begins making money again.
However, Williams told Press Association, DMGT will receive a share of the Evening Standard's profits when it begins making money again.
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