The British Evening Standard newspaper, owned by Russian-born millionaire Yevgeny Lebedev, has faced huge losses and may cease operations. The newspaper reported Guard.
The Evening Standard lost another £16m and said it relied on additional funds from owner Yevgeny Lebedev.
The article pointed out that the Evening Standard’s losses amounted to £16.4m in 2022. The newspaper’s total financial loss over the last six years was £84.5 million and debt was double its annual revenue.
Lebedev would support the newspaper for a year, as he had the resources to continue its publishing activities. However, the situation may not turn in favor of the Evening Standard if the financial injections end. The article recalled rising printing costs, which led to a reduction in circulation and page count.
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