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Russian oligarch Alexander Lebedev is to make the London Evening Standard a free newspaper
By Amarendra Bhushan for CEOWORLD Magazine Updated:October 2, 2009
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The London Evening Standard is to become a free newspaper from October 12.
The paper, which currently costs 50p, is owned by Russian oligarch Alexander Lebedev and Associated Newspapers.
The distribution of the Evening Standard will increase from about 250,000 to 600,000 copies a day.
The move raises questions about Associated’s London Lite, a free title that is given out in the capital in afternoons. Rival freesheet the London Paper, was closed by owner News International earlier this year.
The paper will be available free of charge from 12 October, with its circulation more than doubling from around 250,000 to 600,000 copies a day.
Russian oligarch Alexander Lebedev, who owns a 75.1% stake in the paper, is axing the 50p charge as he seeks to revive its fortunes.
Standard bosses described the development as “an historic moment and great opportunity”, and insisted the publication will remain “a quality newspaper”.
The move follows the increased pressure from free newspapers in the city in the past few years – although one of these, thelondonpaper, was closed last month.
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