The London Evening Standard, which is owned by the Russian businessman Alexander Lebedev, has announced that it would become a free newspaper from October 12.
The London Evening Standard, which is presently sold for 50p, is 75.1 per cent owned by Mr. Lebedev and 24.9 per cent by Associated Newspapers.
The London Evening Standard, whose circulation will be increased from 250,000 to 600,000 copies per day, is one of the first big newspapers to drop cover price and rely on advertisements.
When contacted, Mr. Lebedev said, “I am confident that more than doubling the London Evening Standard's circulation and maintaining its quality journalism is what London deserves.”
As per estimates the London Evening Standard will lose in excess of £10 million per year owing to its recent decision.