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London newspaper is sold

Associated Press / January 22, 2009
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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.

© Copyright 2009 Globe Newspaper Company.
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