London newspaper is sold
LONDON - The Evening Standard yesterday said Russian tycoon Alexander Lebedev has bought a controlling 75.1 percent stake in the venerable but money-losing paper for a "nominal sum" widely reported to be $1.40.
After weeks of rumors, Standard owner Daily Mail & General Trust PLC confirmed yesterday that a company formed by Lebedev and his 28-year-old son, Evgeny, would acquire 75.1 percent of London's afternoon newspaper.
The elder Lebedev is set to become the chairman of the newspaper's board. Daily Mail & General Trust will retain a 24.9 percent stake.