Funding commitment comes amid paper’s shift to digital-first model
Lord Evgeny Lebedev has vowed to keep financially backing the London Standard after the newspaper recorded another significant annual loss – nearly £20 million – just before its major rebrand.
Once a daily fixture in the capital’s media landscape under the name Evening Standard, the publication transitioned last autumn to a digital-first strategy. It now publishes a weekly print edition alongside a strong online presence under its new title, the London Standard.
Heavy Losses Continue Despite Strategic Shift
According to its most recent accounts, the Standard suffered a pre-tax loss of £19.6 million in the year to 29 September. This figure mirrors a similar deficit from the previous year, when losses reached £20.6 million. That brings the total losses over the past eight years to a staggering £125 million.
Despite the paper’s struggles to return to profitability, the accounts confirm that the organisation “will require additional funding in order to continue as a going concern” through to April 2026.
Owner Steps In – Again
The financial burden has once more fallen on the shoulders of Lebedev and fellow shareholders. While further “significant additional” funding is still pending shareholder approval, the company says its largest stakeholder has offered assurances.
Lebedev has provided a “letter of support,” which, according to senior figures, “expresses willingness to provide continued support to the company to allow it meet its day-to-day working capital requirements.”
A spokesperson for the publisher added: “Whilst there is no formal funding facility in place, the directors are confident of the intention of Lord Evgeny Lebedev to provide this support.”
Rising Shareholder Loans and Restructuring Plan
The paper has already benefited from shareholder loans totalling nearly £23 million during the 12 months to September, compared to £21.2 million the year before. An additional £6 million loan has also been injected since.
In a bid to alleviate some of the financial pressure, an agreement was signed with shareholders stating that no interest would be payable on loans issued from 31 March 2023 onwards. Furthermore, interest ceased on older loans from 2020 and 2022 as of 1 April 2023.
This financial restructuring coincides with a cost-cutting overhaul, as the company continues to adapt to a post-pandemic environment and the realities of hybrid working.
The End of an Era – and a Business Model
Once distributed free to hundreds of thousands of London commuters, the Standard’s business model took a sharp hit following the pandemic.
The shift to remote work and flexible commuting patterns slashed demand for physical copies, while the rise of 5G mobile connectivity across the Tube network has diminished the paper’s visibility in traditional commuter hotspots.
Lebedev’s Broader Media Moves
Lord Lebedev, who was awarded a peerage by former Prime Minister Boris Johnson, also owns The Independent, a digital-only outlet.
Earlier this year, Lebedev shut down London Live, the capital’s dedicated TV channel, citing persistent losses over its decade-long run.
The London Standard continues to face steep financial challenges, but with Lord Lebedev reaffirming his commitment, its digital-first future still stands a chance. As the media landscape evolves and traditional models crumble, the Standard’s fate may depend as much on innovation as on deep pockets.
