Posted on 03/01/2010 3:54:23 PM PST by TigerLikesRooster
February 28, 2010
Ex-KGB agent Alexander Lebedev pays £1 for Indy
Standard owner set to pour millions into ailing Independent newspapers
James Ashton
ALEXANDER LEBEDEV, the former KGB agent turned media mogul, will this week pay a token £1 to take control of The Independent the same price as buying one copy of the paper from the newsstand. But he will pledge to invest millions in the loss-making title and the Independent on Sunday over five years.
The final hurdle to a sale is close to being overcome this weekend after Independent News & Media agreed to take part of the pain of a 10-year printing deal with rival publisher Trinity Mirror. Lebedev would commit only to five years and INM has now agreed to guarantee the rest. It would have cost £35m to get out of the contract.
Lebedev, who already owns Londons Evening Standard, has struck a separate five-year deal with INM to supply articles to its other newspapers in South Africa and Ireland.
(Excerpt) Read more at business.timesonline.co.uk ...
P!
Agreed.
Tony O’Reilly has been feeling the pinch. He is no longer counted among Ireland’s billionaires.
“I’d buy THAT for a dolla, ah, er, POUND!!!”
Cripes...I would have given them £2 for it...
That is a pretty high price for a (claimed) circulation of 215,000.
I have one, five pound note, I would have paid, cash mind you.
that’s too much to pay for something worth less than a few sheets of toilet paper
now he will get to waste lots of his own money trying to revive this propaganda outlet
I think this is good news — Lebedev is little different from most of the people running the MSM except that everyone knows of his KGB affinities
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