Pravda: Russian Oligarch Could Buy Newsweek

Media commentators have kicked around several possible suitors for Newsweek after parent The Washington Post Co. put it up for sale yesterday, but none have been as fun as this one. Russian newspaper Pravda speculates that Newsweek could find a buyer in Russian billionaire and former KGB agent Alexander Lebedev, who has already bought London’s Independent for the Business Insider-approved price of one pound sterling.

Pravda points out that before Lebedev bought it, the Independent faced a similar dire financial situation to the one Newsweek faces. As such:

It is not ruled out that Newsweek will have the same future. An oligarch will obviously have funds to pay its debt, not to mention the fact that it would be very prestigious for a wealthy individual to run a respectable publication.

Newsweek is a global brand, an icon, a dream, a part of the spirit of American journalism outside America. Most likely, it is not going to be a big problem to sell the magazine. The owners of Time may show their interest in their competitor too. Such an acquisition would put an end to bitter competition for good.

Before buying the Independent, Lebedev already owned Russian daily Novaya Gazeta and the London Evening Standard.

Publish date: May 6, 2010 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT