View all newsletters
Sign up for our free email newsletters

Fighting for quality news media in the digital age.

Evening Standard’s new owner says job losses ‘possible’

By Owen Amos

Job losses at the London Evening Standard are ‘possible’, according to a spokesman for its new owner Alexander Lebedev – but investment will be made to bring the title ‘upmarket’.

The sale of the Standard by the Daily Mail and General Trust to Evening Press Ltd, owned by Lebedev and his 28-year-old son Evgeny, was confirmed this morning.

The deal – which Press Gazette understands is valued at the nominal sum of £1 – will be finalised next month, once a staff consultation has finished.

‘No decision will be taken on staff numbers until the end of the staff consultation, commenced today,’a spokesman said.

‘In that context, it is clearly possible that there may be a limited number of further job losses, but this is yet to be decided.”

But Press Gazette understands that, despite job losses, the Lebedevs are set to invest £25m in the paper over the next three years.

The website will be improved, with its ‘This Is London’title expected to be dropped.

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

The new owners are also expected to move the Standard upmarket, by focusing on more ‘high-end’culture, such as book and theatre reviews, rather than celebrity photos.

The Standard’s City coverage, widely praised already, will benefit from investment, while the editorial line will mimic the Daily Mail less – but will not become left-wing.

It is hoped the upmarket shift will distinguish the Standard from its free rivals, and boost sales.

Press Gazette also understands a new editor is likely to be appointed once the consultation has finished.

An ‘editorial committee’of senior media figures will be established – though no names are confirmed – and they will decide whether to keep Veronica Wadley, or appoint a new editor.

Tatler editor Geordie Greig, former literary editor of The Sunday Times, is rumoured to be the Lebedevs’ favourite.

The Lebedev group will own 75.1 per cent of the paper, with DMGT keeping a minority 24.9 per cent stake.

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