Alexander Lebedev, a Russian billionaire and former KGB agent, has bought one of Britain's major newspapers, The Independent.

Lebedev, who also owns Britain's Evening Standard, bought the money-losing The Independent and its companion paper, The Independent on Sunday, for 1 British pound, The Guardian newspaper reports.

The Independent started almost 25 years ago as a quality paper that was not tied to a political party or ideology.

Lebedev has agreed to pay about $14 million over the next 10 months to take on the paper's future liabilities, The Independent said in announcing the sale.

The Times of London has reported that Lebedev, who earned his billions in the energy, media, banking and transportation sector in Russia, worked as a KGB spy at the Russian Embassy in London in the 1980s.

(Posted by Doug Stanglin)