Russian tycoon to launch fourth British newspaper

Russian tycoon Alexander Lebedev, who owns three British newspapers, will launch the country’s first quality daily in 25 years this week in a risky bid to grab more of the ailing British press market.

The concise new paper, called “i”, will be available from today for just €23 – a fifth of the price of British broadsheets such as The Times.

It is “specifically targeted at readers and lapsed readers of quality newspapers”, according to Mr Lebedev’s main national daily, The Independent, which will share editorial staff with the new publication.

“Time-poor newspaper readers, and especially commuters, have been telling us for years that they are inundated with information and just don’t have the time to read a quality newspaper on a regular basis,” said Independent executive Andrew Mullins.

Britain has 11 major national dailies, whose circulation has shrunk an average 5.75 per cent in the last year to 10.3 million copies a day, according to the industry’s performance monitor, the Audit Bureau of Circulations.