Lebedev’s Evening Standard halves losses

The London Evening Standard‘s parent company is expected to announce that losses almost halved to £16.9m in 2010.

Evening Standard Ltd was set up by Alexander Lebedev as a shell company in February 2009 when he bought the ailing newspaper, which was quickly turned into a freesheet in a bid to boost advertising revenue.

Losses stood at £28.3m between the sub-annual period of December and October 2009. That figure has been reduced to £16.9m though for the 12 months between October 2009 and September 2010, according to Media Week.

(Source: Media Week)

Photo taken by Flickr user HowardLake, licensed under Creative Commons.

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