Russian billionaire and former KGB spy Alexander Lebedev today bought the loss-making Independent and Independent on Sunday newspapers for a nominal £1.
Mr Lebedev bought the national titles from Irish company Independent News & Media (INM) for the same amount that he paid for The London Evening Standard last year.
His 29-year-old son, Evgeny, will become Chairman and sole owner of Independent Print Limited (IPL), making him the youngest national newspaper owner in 116 years.
The Lebedevs have vowed to “inject new energy and impetus” into the titles, launched in 1986 and 1990 respectively.
From a daily circulation high of 400,000 in the late 80s, sales of the Independent paper have dropped to less than 190,000 a day.
Read the full story in journalist bible Press Gazette.
Tags: Alexander Lebedev, Press Gazette, The Independent, The Independent on Sunday, The London Evening Standard
