LONDON, Oct. 2 (UPI) -- More than 180 years as a paid-for newspaper will end as the London Evening Standard positions itself as a free newspaper, its new Russian owner said.
Alexander Lebedev, who purchased 75.1 percent of the Evening Standard in January, said, "the London Evening Standard is the first leading quality newspaper to go free and I am sure others will follow."
The move will subtract about $10 million in annual revenues from the newspaper, but also subtract millions in circulation and distribution costs, the Guardian reported Friday.
The newspaper plans to increase circulation from 250,000 to 600,000, which puts the newspaper's advertising structure in a new category.
The newspaper plans to go free starting Oct. 12.
"Being a quality newspaper with large scale and reach should transform our commercial fortunes," Managing director Andrew Mullins said, "Our London reach will be at multiples of the quality national titles and our London classified business will once again have significant scale."
