New technology has reduced the profits that newspapers used to generate from advertising sales. With this, newspapers worldwide are now being sold off, or are aggressively seeking investors.London's "main afternoon newspaper," The Evening Standard has sold a controlling stake of its enterprise to Russian billionaire, Alexander Lebedev. While the exact dollar amount of the deal is currently undisclosed, The Wall Street Journal is reporting that the majority interest was sold for "a nominal sum." The deal is expected to be finalized in February.
[SIDEBAR: First The New York Times sells off a large share of its paper to a foreign investor, and now The Evening Standard does the same.]
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