Friday, May 22, 2009

Purchase Evening Standard cost Lebedev to 8.3 million pounds.

KommentariiLebedinaya pesnya11.05.2009Mediamagnat Alexander Lebedev lost in the labyrinths of wages
Buying British newspaper Evening Standard in January 2009 cost the head of the National Reserve Corporation Alexander Lebedev to 8.3 million pounds sterling, the Kommersant daily on Friday, May 22.
The publication describes the amount referring to the statements of former owner of the newspaper Daily Mail and General Trust. Moreover, the buyer will pay the seller of 1.8 million pounds for services rendered for printing and distribution of newspapers (as at 29 March 2009). According to the Kommersant, Lebedev previously recognized that the publication requires significant investment - up to 30 million pounds.
January 21, 2009 British media group Daily Mail and General Trust (DMGT) has sold 75.1 percent stake newspaper Evening Standard, were obtained for cash, 8.3 million pounds, according to the published financial report of May 21, DMGT half ending March 29.
DMGT announced in January that the group company Associated Newspapers Ltd agreed to sell majority stake in the company Evening Standard Evening Press Ltd, founded by Alexander Lebedev and his son Eugene. Reported that the newspaper will move the transaction to the balance of Evening Standard Ltd, in which Associated Newspapers will be 24.9 percent. The transaction was closed Feb. 27, 2009.
The newspaper was sold for a symbolic amount, officially announced in January, DMGT. The British press has reported about one pound. Sam Alexander Lebedev, whereas this amount is not confirmed, clarifying that pledged to cover losses Evening Standard. According to the Kommersant, the proceeds from the sale of 8.3 million pounds were reinvested. Alexander Lebedev did not comment on the publication called DMGT amount.
"I have made some investment in the Evening Standard Ltd, which DMGT as minorities may choose to reflect in its financial statements", - explained the business edition. In the DMGT did not respond to a request by "Kommersant" to clarify the financial relationships with Lebedev.
In announcing the sale of Evening Standard, DMGT said she was the new owner of the newspaper to provide transition services for its printing and distribution. The corresponding agreement between the group and the Evening Standard Ltd has been concluded at market rates. On March 29, by a new publication from the owner for services rendered is 1.8 million pounds.
Becoming the owner of Evening Standard, Lebedev has changed its editorial team. In February 2009, directed since 2002, edited by Veronika Uodli succeeded by George Greig, former head of the magazine on the social life of The Tatler.
In May Book Evening Standard newspaper restart (the new name of the publication - London Evening Standard) and launched an advertising campaign, in which the publication apologized to the residents of London for its past editorial policies.

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