Evening Standard breaks even for one week
UK free daily the Evening Standard broke even last week for the first time. The paper made £1.1 million in ad revenue while it claims the cost of running the paper also amounts to £1.1 million. In 2012 the paper expects to be profitable for the first full year.
The paper also is planning to increase circulation from 600,000 to 750,000.
in the nine months up to October 2009 the Evening Standard lost £18 million and was projected to lose about £30 million over the year once exceptional items were included. According to the Guardian it also emerges that the Lebedevs paid £6.7 million to acquire the title, not the oft-quoted nominal £1, and that they kept the paper afloat by providing a loan. DMGT (Associated Newspapers), which retained a 24.9% holding in the Standard, also loaned money.
In January 2009 the paper was acquired by by Alexander Lebedev and turned into a fully free publication. (Guardian)