The London title the Lebedevs bought when it was losing £20m a year is now back in the black
So, is it important that losses on the Independents and the i dropped to £12m last year, from nearly £18m in 2012? Yes if you're trying to sell them; not necessarily if you're the Lebedevs, with a cash pile in Russia to keep you warm. Comrade Micawber still rules OK. But progress is progress, so there is good news here – against the backdrop of a recovering economy.
And the real Lebedev triumph – with bows from MD Mullins and editor Sands – is that the Evening Standard, offloaded for peanuts by a defeated Mail group when it was losing £20m a year, is turning a profit (£1.75m in 2013). It's free. It dominates the London entertainment market. And it's printed. On paper. Many rules broken, but a success; and one to savour.
