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Russian Tycoon Buys a Major British Newspaper

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Russian Tycoon Buys a Major British Newspaper


09.03.2010

Russian businessman Alexander Lebedev has bought two major British newspapers.

Lebedev will reportedly pay the symbolic sum of 1 pound, to take over ownership of the daily Independent and the weekly Independent on Sunday. The deal between the businessman and the current owner, Independent News and media (NMI) was finalized several days ago.

The Independent, established in 1986, is considered as one of the most intellectual papers in the UK media market. However, its annual losses have reached 10 million pounds, and the newspaper has never managed to show a stable profit-making operation throughout its history.

Lebedev is planning to invest a million pounds to turn around the fortunes of the newspaper.

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