Media Briefs: Evening Standard Being Sold To Russians, O’Reilly Media Cuts 30

UK Newspaper The London Evening Standard is set to change hands after facing financial issues related to a decline in circulation and advertising. The paper is believed to be losing £10 million a year.

The buyer of the paper though may come as a surprise: ex-KGB officer and Russian oligarch Alexander Lebedev. According to the Times of London, he will pay just £1 pound ($1.49) for the paper.

The paper was founded in 1827 and has a circulation of 263,000 copies as of October 2006.

On the other side of the pond, well known tech book publisher O’Reilly Media has cut 30 jobs, or 13.5% of its 222 person workforce.

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According to reports, the Digital Media branch of O’Reilly was restructured into one publishing division along with the company’s Missing Manual group, O’Reilly Technology Exchange and its Head First series.