Russian billionaire and ex-KGB agent Alexander Lebedev is buying a majority interest in a London newspaper for a nominal sum.
The Daily Mail & General Trust said on Wednesday the Evening Standard will be owned by a new company, Evening Standard Ltd. Mr Lebedev will be the chairman. DMGT will retain a minority stake of 24.9%.
The transaction is expected to close next month.
Mr Lebedev already owns stakes in Russian banks, energy companies and the Aeroflot airline as well as Russia's main opposition newspaper. He said last week he was interested in influential British newspapers.
The Evening Standard was first launched as the Standard in 1827.
The BBC reports the paper, which is aimed at commuters, has been hit by the advertising downturn. The afternoon and evening tabloid is fighting tough competition from an array of free newspapers handed out at London stations.
In the statement, Mr Lebedev said the Evening Standard has a pedigree of fine journalism and commentary.
