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Russian tycoon to become British media magnate
Published: 18 December, 2009, 18:10
Edited: 21 December, 2009, 04:51
A man reads the British "The Independent" newspaper (AFP Photo / Francois Guillot)
(10.7Mb) embed videoTAGS: Russia, UK, Mass media, Big deal
Alexander Lebedev, a Russian businessman and the owner of the London Evening Standard, is reportedly in advanced talks over the purchase of the British daily The Independent and its stablemate Independent on Sunday.
Earlier this year, both parties denied claims that Lebedev, a former KGB officer, had made an offer to buy the UK national newspapers.
However, The Financial Times, citing “people familiar with the matter”, writes that the businessman has been in talks with publisher Independent News & Media over the past year. The negotiations were stalled last summer because of problems the publisher had over the restructuring of its 1.3 billion euro debt with its creditors.
Now that INM has completed the process, the talks have been resumed, the FT writes. So far, neither of the parties involved in the negotiations have commented on the report.
According to the Guardian, this time Lebedev is “serious” about the deal. "There is confidence a deal can be done soonish," the paper quotes a source as saying.
In January, the Russian banker and financier bought, for a nominal fee, London’s loss-making Evening Standard title from Daily Mail & General Trust. He became the first Russian citizen to own a leading British paper.
Since becoming the chairman, Lebedev has managed to cut the paper’s losses. In an attempt to triple the title’s circulation, he made it free of charge in October, relying completely on advertising.
Meanwhile, The Independent’s circulation has dropped by 14 per cent this year to an average of 190,000 sales. The Sunday issue of the title has dropped even more – by 15.2 per cent. Last year, the publications made losses of more than £10m. The INM implemented a series of cost-cutting measures, including a wave of job cuts.
The Independent publications are already based in the same building with Daily Mail & General Trust in the British capital.
Alexander Lebedev made his fortune through stakes in insurance and banking companies. The 50-year-old also owns 30% of Russian airline Aeroflot’s stock. Nevertheless, he is not a newcomer to the media business, being a major shareholder in the Russian publication Novaya Gazeta.
18.12.2009, 14:55
2 comments
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Meslin, do not get me wrong. I think I made a quick remark. I think that because of Putin’s successful program of reigning in these vicious oligarchs, outset of Russia's reach, these oligarchs will use their money to influence Russia from the West and this will not be helpful to Russia. Also it is pertinent to keep in mind that this guy will be watched by the British elite and he will have to show his loyalty to the British/American elite and this will be measured extent to which he uses his media outlet to demonise Russia! In fact, I have noted that a common feature of the Russians I met in the West is their fear of showing love for their motherland and cultural values. I did not fine that feeling among Africans even though Africa has been plagued by corrupt leadership great deal worse than what took place in Russia. Yet, even Russian researchers and academics- the very people who should speak logically and with freedom of thought, seem to show anxiousness and quickness to condemn Russia as well as lack of criticism of the West!
Sarah, should know than Oligarchs of any country (Russia, America, France etc.) don't give a dam about nationality. When they go somewhere, they go in private plane, get check thru special entrance etc. They have servitors taking care of all their wishes; so they don't have the notions that we have. The day, Russia or in this case England will not be safe anymore for that man, he will go live somewhere else with no hard-feeling, as long as his money make him welcome. I keep telling myself that if I was rich, I wil not act like that; but who knows ! Many oligarchs come from the working class but still became cynical, greedy and cold-bloody abusers of their fellow-men when fortune came in their way. Human nature is not that good. In our actual modern, sophisticated societies some planetary morale rules should be set and inforced radically, but by whom ! We had the perfct demonstration of this, in Copenhagen: It should never have been a conference on climat's changes but a conferece on humans' behavior. I already wrote about that subject before and that his why I insist on examplarity as a way not to be perfect (this is impossible), but better than what we are actually. It is also why, I dream to se Russia become the example that, we, occidentals failed to be. Sorry Future Generations ! Sinerely. Jean-Claude Meslin
Sarah. I quiet agree with your previous statement. You should know than for over half a century, the fashon for being well liked in the West was to critizise the Soviets, who for most ignorant westerners were russians. In te 60s and 70s all dissidents were used like the Moscow-Circus' bears on stage. They went from one university, college to an other, or a radio or a TV show to tell the good average french or US citizen: how good was the "free world" and how bad was the other one. In 1975, Green River Communauty College in Auburn Wash. paid 5000 $ for a two hours show (the person who paid showed me the receipt). Some promotors made a lot of money; even when, sometime a traductor was needed. I have lived those experiences and can talk about it. Then you may understand than loosing such an "easy money" is not appreciated; so, we keep it up as long as possible . I made 12 trips to Russia as a guest, of one to three months; I speak russian a little and I love one particular region (Orenburg). I say simply what I see and for some subjects: like Russia being not qualified for the World Cup; being a former decent footballer and coach, I am not very kind with the actual russian coaching staff (RTTV publish my comments). If, since 1997, I will have made, in the local, then national french medias nasty comments about Russia; I will not be as poor as I am. The oligarchs know the rules in the West. They have as much sincerity for their new country as they had for Russia. In France, I boycott all medias owned by Military Industrial Complex bosses; the britishs can do the same. Sincerely. Jean-Claude Meslin