Former KGB agent to buy Evening Standard
Former KGB agent Alexander Lebedev is set to buy London’s Evening Standard today, in a deal that will see him become the first Russian oligarch to own a major British newspaper.
Lebedev is reportedly poised to take a controlling 76% stake of the struggling title, while the Evening Standard‘s parent group Daily Mail & General Trust retains a 24% share.
His son Evgeny, who lives in London, is due to sign the deal with DMGT executives, led by DMGT chairman Rothemere.
Lebedev, who is already part owner of a Russian newspaper, is a high-profile and controversial figure in Russia, where has been an opposition figure to former President and current prime minister Vladimir Putin.
However, Lebedev said that he has no intention of interfering in British politics when he takes over as the Standard’s new proprietor.
He said he used to read the Evening Standard when he was a young spy at the Soviet embassy in London in the late 1980s and thought it was “a very good newspaper” with “brilliant journalists”.
Lebedev has promised a hands-off approach, confirming that he plans to leave the editorial decisions to the paper’s editor-in-chief and journalists.
However, a number of executives have argued that the paper’s editorial direction will inevitably change, as it will no longer be under the influence of its sister title, the Daily Mail.
It is also understood that the Russian tycoon wants to establish a new editorial and advisory board for the Standard, including global figures such as former Soviet president Mikhail Gorbachev, Tony Blair and Jacques Chirac.
It remains unclear how much Lebedev is going to pay for the paper, however, it is estimated that he has a $3.1 billion fortune – making him one of Russia’s top billionaires.
DMGT’s Evening Standard has been struggling ever since its rival publisher, News International, launched an afternoon freesheet titled thelondonpaper in 2006.
In the latest ABC release, the Evening Standard recorded a significant month on month decline of 5.2%, taking its circulation to around 287,000 copies in December.
By comparison, the londonpaper only dipped by 1.1% month on month and still has a distribution of more than 495,000 copies (see City AM sees month on month circulation dip).
The Daily Mail & General Trust: 020 7938 6747 www.dmgt.co.uk