Payment of £1 will see the owner of London's Evening Standard and ex KGB agent Alexander Lebedev at the helm of the ailing Independent, the Sunday Times reported yesterday - that's the same price as one copy of the newspaper from any newsstand, and as the token price he paid for the Standard.

Since its launch in 1986 the Independent has lost more than £10m year upon year. Billionaire Lebedev is expected to plunge millions into the operation, trying to resuscitate the publication into generating a sustained profit, although the first move is predicted to be a slashing of the cover price.

Source: Sunday Times