Wednesday, January 21, 2009

A New Russian Standard

Just days after Carlos Slim Helu raised his investment in the New York Times, another billionaire has splashed his cash on a struggling newspaper, this time on the other side of the Atlantic.

Alexander Lebedev has become the first Russian to own a British newspaper, after agreeing to buy 75.1% of London's Evening Standard from Lord Rothermere's Daily Mail and General Trust, leaving the media firm with a 24.9% stake. DMGT said Lebedev had bought the controlling stake for a "nominal sum," but reports leading up to the announcement said the tycoon would pay just 1.00 pound ($1.37) for the publication, or the price of two copies.

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