Russian billionaire and former KGB agent Alexander Lebedev has bought Britain's Independent and Independent on Sunday newspapers for one pound.
Both titles have struggled to get enough readers to generate sufficient profits, and this has been exacerbated in recent years by competition from free, online news, the BBC reports.
Mr Lebedev bought the titles from Irish company Independent News and Media, which will pay Mr Lebedev's Independent Print Limited Stg 9.25 million over the next 10 months to cover future trading liabilities and obligations.
Mr Lebedev is worth $US2 billion and is 488th on Forbes Magazine's global rich list.
His fortune comes mainly from his stakes in banking and insurance companies.
He already owns London's Evening Standard, which he also bought for one pound last year. The paper is now given away free, and has seen its readership grow sharply as a result.
