London's Evening Standard newspaper is to be sold to Russian oligarch and former KGB agent Alexander Lebedev for a 'nominal sum', according to its current owner.
The Daily Mail & General Trust (DMGT) said the week-day newspaper would be passed into the hands of Evening Press, a company formed by Mr Lebedev and his son Evgeny Lebedev and owned by Lebedev Holdings.
DMGT's Associated Newspapers division is to retain a minority share of 24.9% in the new firm, called Evening Standard Ltd.
The Evening Standard deal is the first time a Russian oligarch has owned a British title.
In a move designed to address fears about the potential difficulties this could pose, DMGT said the Evening Standard would establish a new editorial committee to 'safeguard the principle of editorial independence'.
The deal is expected to take place in February following consultation with employees. No other newspaper publication owned by DMGT is involved.
