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.
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First New National Newspaper in 25 Years
The Independent today launched the UK’s first new national daily newspaper in almost 25 years.
Simply titled i, the paper is designed for “rapid consumption for people with busy, modern lives,” said Simon Kelner, Editor of The Independent and i.
The 56-page brightly-coloured newspaper, dubbed ‘The Indy light,’ draws its content from The Independent, but articles are shorter with a more populist approach, and should appeal to younger people.
The last daily nationals to launch were Eddy Shah’s Today and The Independent itself, back in 1986.
Media commentators are already speculating on whether i, which has been likened to the super-successful Metro newspaper in look and feel, will eventually overtake The Independent – and others – in popularity.
Whatever happens, let’s hope that i helps to breathe much-needed new life into the UK media industry and the national daily newspaper market in particular after the terrific battering it has taken in the last few years.
Tags: i, Media Industry, Nationals, Newspaper, Old Media, The Independent, The Independent on Sunday | Posted in PR Comment October 26th, 2010