LONDON , England ( CNN ) -- A Russian billionaire and former KGB agent is buying a controlling stake in the venerable Evening Standard , the London newspaper announced Wednesday . The Evening Standard was sold for the token sum of £1 . Alexander Lebedev , 49 , already owns the independent Russian newspaper Novaya Gazeta , one of the few pro-democracy newspapers in Russia . Lebedev is buying the Evening Standard for £1 , or $ 1.38 , a spokesman for the deal told CNN . While it sounds like a steal , the purchase price is more symbolic than reflective of the paper 's worth . With it , Lebedev also assumes the unprofitable paper 's debts . The Standard reported it is the first time a Russian business magnate and former member of a foreign intelligence service has owned a British title . Lebedev told The Guardian newspaper this month that he read the Evening Standard when he was a spy working at the Soviet Embassy in London in the late 1980s . `` I had to read every newspaper , '' he told The Guardian . `` I had to read the FT ( Financial Times ) , The Guardian , Standard , and the Daily Mail . '' Lebedev said the Standard was `` a very good newspaper '' with some `` brilliant journalists . '' The oligarch said he had no intention of interfering in British politics and vowed a hands-off approach , telling The Guardian , `` My influence would be next to zero . '' Top management of Daily Mail and General Trust ( DMGT ) , which is selling its controlling interest to Lebedev , said the move ensures continued investment in the 182-year-old paper . `` We believe that the agreement announced today is in the best interests of the staff and our shareholders , '' said Martin Morgan , chief executive of DMGT . `` The investment planned by Mr. Lebedev secures the future of the paper . '' Lebedev owns 49 percent of Novaya Gazeta together with former Russian President Mikhail Gorbachev . A journalist from the newspaper was killed Monday in Moscow when she tried to intervene in the fatal shooting of a Russian human rights lawyer , Russian media reported . In addition to owning Novaya Gazeta , Lebedev is also chairman of the board of the National Reserve Corporation , which is the majority shareholder in National Reserve Bank , one of Russia 's largest . Lebedev also owns 30 percent of Russian airline Aeroflot and shares in finance and energy companies , including Russian energy giant Gazprom . After serving in the Russian parliament , the Duma , Lebedev formed a new political party last September . The Independent Democratic Party of Russia campaigns for legal and economic reform , a stronger role for parliament , and the expansion of Russia 's independent media . Lebedev is purchasing the Evening Standard with his son , Evgeny , 28 . `` The Lebedev family is delighted to be investing in the Evening Standard , '' Lebedev said in a statement . `` We are strong supporters of a free and independent press and we greatly admire the Evening Standard as an iconic publication with its pedigree of fine journalism and commentary . '' Evgeny Lebedev already has hefty business dealings in London and elsewhere in Europe . He owns stakes in several London restaurants , he runs a men 's fashion company that has shows at Paris Men 's Fashion Week , and he has interests in hotels in Italy , France , and Switzerland . Forbes Magazine listed Alexander Lebedev as the world 's 358th-richest person last year , worth $ 3.1 billion . Forbes said Lebedev made most of his money through investments in banking and insurance companies and in Aeroflot .
London paper Novaya Gazeta will be owned by billionaire Lebedev . Russian ex-KGB agent owns independent Russian newspaper Novaya Gazeta . Alexander Lebedev paid £1 for London title , reflecting the paper 's lack of profitablilty .