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| Version 4 | Version 5 |
|---|---|
| Ex-KGB spy buys UK paper for £1 | Ex-KGB spy buys UK paper for £1 |
| (about 1 hour later) | |
| Russian ex-KGB agent Alexander Lebedev is to buy the London Evening Standard newspaper for the sum of £1. | Russian ex-KGB agent Alexander Lebedev is to buy the London Evening Standard newspaper for the sum of £1. |
| The paper's publisher - the Daily Mail & General Trust (DMGT) - said it had agreed to the sale of a majority interest in the paper to Mr Lebedev. | The paper's publisher - the Daily Mail & General Trust (DMGT) - said it had agreed to the sale of a majority interest in the paper to Mr Lebedev. |
| The billionaire businessman is believed to have made an offer for approximately a 76% share of the paper. | The billionaire businessman is believed to have made an offer for approximately a 76% share of the paper. |
| He has previously revealed that he used the paper to find out information when he was a young spy based in London. | He has previously revealed that he used the paper to find out information when he was a young spy based in London. |
| DMGT said the Evening Standard would pass into the hands of Evening Press, a company formed by Mr Lebedev and his son Evgeny Lebedev and owned by Lebedev Holdings. | DMGT said the Evening Standard would pass into the hands of Evening Press, a company formed by Mr Lebedev and his son Evgeny Lebedev and owned by Lebedev Holdings. |
| DMGT's Associated Newspapers division is to retain a minority share of 24.9% in the new firm, called Evening Standard Ltd. | DMGT's Associated Newspapers division is to retain a minority share of 24.9% in the new firm, called Evening Standard Ltd. |
| We are strong supporters of a free and independent press and we greatly admire the Evening Standard as an iconic publication Alexander Lebedev | We are strong supporters of a free and independent press and we greatly admire the Evening Standard as an iconic publication Alexander Lebedev |
| It is the first time a Russian oligarch has owned a British title, but Mr Lebedev said he strongly supports a free press and would not interfere with the paper editorially. | It is the first time a Russian oligarch has owned a British title, but Mr Lebedev said he strongly supports a free press and would not interfere with the paper editorially. |
| In an attempt to head off any such fears, DMGT said the Evening Standard would establish a new editorial committee to "safeguard the principle of editorial independence". | In an attempt to head off any such fears, DMGT said the Evening Standard would establish a new editorial committee to "safeguard the principle of editorial independence". |
| Mr Lebedev said: "We are strong supporters of a free and independent press and we greatly admire the Evening Standard as an iconic publication with its pedigree of fine journalism and commentary. | Mr Lebedev said: "We are strong supporters of a free and independent press and we greatly admire the Evening Standard as an iconic publication with its pedigree of fine journalism and commentary. |
| "We are committed to strengthening the newspaper's competitiveness and look forward to working with Associated, which will continue to be involved as a minority shareholder." | "We are committed to strengthening the newspaper's competitiveness and look forward to working with Associated, which will continue to be involved as a minority shareholder." |
| DMGT chairman Lord Rothermere said the company was "very proud" to have owned the paper. | DMGT chairman Lord Rothermere said the company was "very proud" to have owned the paper. |
| 'Fully committed' | 'Fully committed' |
| He said: "It has a long and distinguished history as one of the world's great city newspapers, based on outstanding journalism. | He said: "It has a long and distinguished history as one of the world's great city newspapers, based on outstanding journalism. |
| "I believe that Alexander Lebedev shares my commitment to newspapers and will continue to invest in the Evening Standard." | |
| He said none of DMGT's other newspaper publications would be involved in the deal, adding that the company "remains fully committed to journalism and newspaper ownership". | He said none of DMGT's other newspaper publications would be involved in the deal, adding that the company "remains fully committed to journalism and newspaper ownership". |
| The transaction is expected to take place in February following consultation with employees. | The transaction is expected to take place in February following consultation with employees. |
| Mr Lebedev's fortune, which is reported to be worth around $3.1bn (£2.1bn), was made mostly through banking, insurance companies and from his stake in the Russian airline Aeroflot. | Mr Lebedev's fortune, which is reported to be worth around $3.1bn (£2.1bn), was made mostly through banking, insurance companies and from his stake in the Russian airline Aeroflot. |
| In 2006, he teamed up with ex-Soviet leader Mikhail Gorbachev to buy shares in the Russian paper Novaya Gazeta and his property portfolio includes a string of boutique hotels across Europe. | In 2006, he teamed up with ex-Soviet leader Mikhail Gorbachev to buy shares in the Russian paper Novaya Gazeta and his property portfolio includes a string of boutique hotels across Europe. |
| BBC media correspondent Torin Douglas has said the Evening Standard had been hit by the advertising downturn and a fierce free newspaper battle in London. | BBC media correspondent Torin Douglas has said the Evening Standard had been hit by the advertising downturn and a fierce free newspaper battle in London. |
| Mr Lebedev has also expressed an interest in buying out other struggling newspapers both in the UK and the United States. | Mr Lebedev has also expressed an interest in buying out other struggling newspapers both in the UK and the United States. |