View all newsletters
Sign up for our free email newsletters

Fighting for quality news media in the digital age.

  1. News
July 6, 2010

Lebedev lost £28.3m in ten months on Evening Standard

By Oliver Luft

London Evening Standard Limited – the business established by Alexander Lebedev prior to taking over the Standard – lost £28.3m in its first ten months.

According to accounts filed with Companies House, in the months from its inception in December, 2008, to 4 October, the business had an operating loss of £27.7m.

After formation of the company Lebedev took control of the Standard newspaper in February, 2009. Prior to that the title was wholly owned by Daily Mail and General Trust.

London Evening Standard Limited’s operating loss included £9.9m of exceptional items coming, in part, as the business restructured the Standard into a free newspaper.

The Standard relaunched as a free newspaper on 2 October after previously having been a daily paid-for title with a cover price of 50p.

The company’s losses included £3.4m towards redundancy costs and an impairment charge of £3.6m.

Turnover for the period was £22.4m with staff salaries and other costs totalling £12.3m. Over the period the average number of employees was 346 and the highest-paid director, who was not named, received £302,552.

Content from our partners
MHP Group's 30 To Watch awards for young journalists open for entries
How PA Media is helping newspapers make the digital transition
Publishing on the open web is broken, how generative AI could help fix it

Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

Select and enter your email address Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday. Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time. Our weekly does of strategic insight about the future of news media aimed at US readers. A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network