Alexander Lebedev, a Russian billionaire and former KGB agent, has taken over the London Evening Standard newspaper for only one pound.
The paper's publisher - the Daily Mail & General Trust (DMGT) - said it had agreed to the sale of a majority interest in the paper to Lebedev. The billionaire businessman is believed to have made an offer for approximately a 76% share of the paper, Sky News reported.
DMGT's Associated Newspapers division is to retain a minority share of 24.9% in the new firm, called Evening Standard Ltd.
Lebedev had previously revealed that, as a young spy in London he would read the paper to get information.
London's daily newspaper would now be passed into the hands of Evening Press - a company formed by Lebedev and his son Evgeny Lebedev and owned by Lebedev Holdings.
The Daily Mail & General Trust (DMGT) has announced that the Evening Standard would establish a new editorial committee in a bid to 'safeguard the principle of editorial independence'.
"We are strong supporters of a free and independent press and we greatly admire the Evening Standard as an iconic publication with its pedigree of fine journalism and commentary," Lebedev said.
The Russian oligarch added, "We are committed to strengthening the newspaper's competitiveness and look forward to working with Associated, which will continue to be involved as a minority shareholder."
Meanwhile, DMGT chairman Lord Rothermere said, "We are very proud to have owned the Evening Standard. I believe that Alexander Lebedev shares my commitment to newspapers and will continue to invest in the Evening Standard."
MP/MMN