Thursday, January 22, 2009

Russia owner to pump tens of mlns stg into Standard

Russian billionaire and ex-KGB agent Alexander Lebedev, the new owner of London's Evening Standard, said on Thursday he will invest "tens of millions of pounds" within two years in the loss-making newspaper.

Lebedev bought control of the Evening Standard for a nominal sum and says he has plans to create a powerful global media group. He also owns Moskovsky Korrespondent and co-owns Novaya Gazeta, both local opposition newspapers.

He vowed to preserve the Standard's editorial policy but also said he would put his "own stamp" on the project.

"We are talking about tens of millions of pounds at least in the course of two years," Lebedev told a news briefing.

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