City AM sets sights on return to print in September after six-month Covid-19 hiatus

29 May

Free daily business newspaper City AM will return to print in September, nearly six months after suspending distribution due to the Covid-19 crisis. City AM’s print edition has been on hold since 20 March – it later also suspended its digital edition and magazine – and was forced to cut salaries and furlough staff to … Continue reading “City AM sets sights on return to print in September after six-month Covid-19 hiatus”

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Future tripled half-year pre-tax profits before Covid-19 hit newstrade and events

22 May

Magazine publisher Future tripled its pre-tax profits in the first half of this year before Covid-19 brought about the collapse of newsstand sales and forced events to be cancelled.. Profit before tax in the six months to 31 March reached £27.1m, up from £8.9m over the same period last year. Revenues grew by a third … Continue reading “Future tripled half-year pre-tax profits before Covid-19 hit newstrade and events”

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Digital revenue for UK news publishers was already down in 2019 – before Covid-19 crisis hit

19 May

Digital publishing revenues were down in the final quarter of 2019, before the coronavirus broke out in Europe and the US, suggesting the pandemic has accelerated an existing downturn. Publishing revenues for members of the UK Association of Online Publishers fell by 6.2% year-on-year to £131.1m for the three months to the end of December, … Continue reading “Digital revenue for UK news publishers was already down in 2019 – before Covid-19 crisis hit”

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Bauer to close, merge or sell ten magazines as Covid-19 ‘accelerates trends’

18 May

Magazine publisher Bauer Media plans to close, merge or sell ten of its print titles it says will not be sustainable once the Covid-19 crisis is over. The titles affected are: music magazines Q and Planet Rock, car brands Modern Classics and Car Mechanics, “true-life” title Simply You, Mother and Baby, Golf World, Practical Photography, … Continue reading “Bauer to close, merge or sell ten magazines as Covid-19 ‘accelerates trends'”

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Quartz to close London office amid 80 job losses as ad sales slump by half

15 May

Business news website Quartz is closing its London office as it cuts 80 jobs to mitigate the impact of the coronavirus crisis, which it has described as “the greatest challenge we have faced as a company”. The London office will close in the next few months, as will those in San Francisco, Hong Kong and … Continue reading “Quartz to close London office amid 80 job losses as ad sales slump by half”

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Buzzfeed to close dedicated UK and Australian news operations with staff furloughed

13 May

Buzzfeed is closing its dedicated UK and Australian news operations, resulting in staff being furloughed and stood down. The decision to stop covering local news in the two countries has been made “both for economic and strategic reasons”, a spokesperson said. Buzzfeed continues to publish news in the US and said it plans to retain … Continue reading “Buzzfeed to close dedicated UK and Australian news operations with staff furloughed”

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Mail, Metro and i titles offer £3m of free ads to help Covid-19’s struggling small businesses

11 May

The Mail, Metro and i titles will between them offer £3m worth of free advertising to small businesses who are struggling to stay afloat because of the coronavirus crisis. The Daily Mail and General Trust is offering £3,000 worth of advertising each to 1,000 companies. The adverts will appear across DMGT’s four print titles, including … Continue reading “Mail, Metro and i titles offer £3m of free ads to help Covid-19’s struggling small businesses”

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Reach accelerates digital drive as revenue fell 30% in April under Covid-19 crisis

7 May

Mirror, Express and Star publisher Reach is “accelerating plans” to drive digital engagement and capture customer data after group revenue fell by nearly a third in April as a result of the Covid-19 crisis. In line with other news publishers, Reach said the Covid-19 crisis began impacting its business from mid-March, leading to a drop … Continue reading “Reach accelerates digital drive as revenue fell 30% in April under Covid-19 crisis”

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New York Times subscribers top 6m but ad revenues set to halve in coming months

6 May

The New York Times’ revenue increased in the first three months of the year as interest in coronavirus news sent subscriber numbers soaring, compensating for the collapse of the advertising market. Reporting its first-quarter results for the year today, the New York Times Company said that, as of the end of April, it had more … Continue reading “New York Times subscribers top 6m but ad revenues set to halve in coming months”

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Two-thirds of Press Gazette readers say worth losing their job to cub spread of coronavirus

5 May

Two-thirds of Press Gazette readers support stringent measures to contain the coronavirus outbreak, even if this comes at the cost of their own job. Over the past week 847 people responded to the question: “Is it more important to restart the economy or contain coronavirus (even if it means losing your own job)?” Some 574 … Continue reading “Two-thirds of Press Gazette readers say worth losing their job to cub spread of coronavirus”

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Soaring Q1 revenues for Google and Facebook could spell good news for global news industry

30 Apr

Google owner Alphabet and Facebook both surpassed expectations with their revenues in the first three months of the year, despite taking a hit from the coronavirus crisis in March. Google and Facebook are seen as bellwethers of the advertising sector. Therefore, if their turnover is in better shape than expected, this raises hopes that the … Continue reading “Soaring Q1 revenues for Google and Facebook could spell good news for global news industry”

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Liverpool Echo issues contributions plea as Guardian voluntary payments grow by fifth

29 Apr

The Guardian’s reader revenues have grown at record rates since the coronavirus crisis began and one of the UK’s biggest regional dailies follows in its footsteps in asking for contributions. Recurring payments are up by almost a quarter (23 per cent) on last year at the Guardian, which reached 821,000 recurring monthly supporters last month. … Continue reading “Liverpool Echo issues contributions plea as Guardian voluntary payments grow by fifth”

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Evening Standard chief executive Mike Soutar steps down during pandemic after six months in role

28 Apr

Evening Standard chief executive Mike Soutar will step down at the end of May after six months in the role, which he is the first to have held. Soutar has spent most of his career working in magazines and is co-founder of Shortlist Media, which rebranded as Stylist Media after free men’s magazine Shortlist closed … Continue reading “Evening Standard chief executive Mike Soutar steps down during pandemic after six months in role”

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Sports journalists share fears Covid-19 cuts could be permanent as industry weakened

28 Apr

Among journalists, those covering sport have been some of the hardest hit by the coronavirus as matches and tournaments have been cancelled under measures to slow the spread of coronavirus (Covid-19). The Olympic Games and the Wimbledon tennis championship, due to take place in summer, have both been suspended. Ten Formula 1 races have been … Continue reading “Sports journalists share fears Covid-19 cuts could be permanent as industry weakened”

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Covid-19 ad slump costing Independent six-figures in lost revenue as it furloughs staff and cuts pay

23 Apr

Independent Digital News and Media, owner of the Independent and Indy100 websites, has put a “limited number” of staff on furlough and cut wages for all remaining employees. The group is the latest national news publisher in the UK to take action over Covid-19, with all now having imposed measures to shore up against the … Continue reading “Covid-19 ad slump costing Independent six-figures in lost revenue as it furloughs staff and cuts pay”

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Jewish Chronicle under new ownership as consortium’s ‘very generous’ offer accepted

23 Apr

A consortium of business and media figures, led by former Number 10 chief spinner Sir Robbie Gibb, has been successful in its bid to buy the 180-year-old Jewish Chronicle. The sale was agreed last night after former owner the Kessler Foundation placed the newspaper into liquidation. The foundation’s original plan had been to buy the … Continue reading “Jewish Chronicle under new ownership as consortium’s ‘very generous’ offer accepted”

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Interview: Insider editor-in-chief Nicholas Carlson says news outfits that can survive Covid-19 crisis will later thrive

23 Apr

Nicholas Carlson knows what it’s like to lose your job during a recession. In 2008, at the height of the global financial crisis, he was laid off by Valleywag, a US tech industry gossip website owned by Gawker Media. With the economy tanking, advertising revenues falling, and media companies across the world making cuts to … Continue reading “Interview: Insider editor-in-chief Nicholas Carlson says news outfits that can survive Covid-19 crisis will later thrive”

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Metro continues to print at a loss to serve UK’s key workers still commuting

21 Apr

Metro, the UK’s most-read free daily newspaper, is continuing to print throughout the coronavirus lockdown despite losing the majority of its readers: commuters who are staying at home. The paper is targeting key workers who still have to travel to work, providing them with a service despite now operating at a loss as the news … Continue reading “Metro continues to print at a loss to serve UK’s key workers still commuting”

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Press Gazette survey reveals devastating impact three months of lockdown would have on news media industry

20 Apr

An survey of Press Gazette newsletter subscribers has found a third of industry professionals fear severe financial impact and even bankruptcy or insolvency from the coronavirus crisis if the current situation continues for three months. A further 34 per cent also expect to see negative financial impact during that time period, though less drastic. Just … Continue reading “Press Gazette survey reveals devastating impact three months of lockdown would have on news media industry”

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Guardian group takes action to protect business in face of £20m half-year revenue shortfall

15 Apr

The Guardian Media Group has said it expects revenues to be down by £20m over the next six months as it announced new measures to cope with the financial impact of the coronavirus crisis. The predicted shortfall for the first half of the 2020/21 financial year, which began this month, comes despite a £10m cut … Continue reading “Guardian group takes action to protect business in face of £20m half-year revenue shortfall”

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Google opens relief fund to local news publishers during coronavirus outbreak

15 Apr

Google has launched a global emergency relief fund for local news publishers to help them during the coronavirus (Covid-19) downturn. Local news organisations, including those in the UK, can apply for funding online from today. The Journalism Emergency Relief Fund, part of the Google News Initiative, is open to small and medium-sized news publishers “producing … Continue reading “Google opens relief fund to local news publishers during coronavirus outbreak”

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Traffic uplift no compensation for loss of ad revenue, says head of mag publisher’s body

6 Apr

Magazine publishers fear a drop in advertising revenue of up to 95 per cent in the coming quarter, an industry body has claimed. The Professional Publishers’ Association has written to Culture Secretary Oliver Dowden urging more support for businesses in the sector to survive the coronavirus (Covid-19) crisis. A representative survey of PPA members taken … Continue reading “Traffic uplift no compensation for loss of ad revenue, says head of mag publisher’s body”

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Metropolis Group’s £12m ‘expansion’ loan comes as it furloughs staff and cuts hours

2 Apr

B2B publisher Metropolis has furloughed staff and cut working hours during the Covid-19 lockdown, but its chief executive has said the group could be one of the “winners” of this “terrible crisis”. The media and events business has also postponed almost 100 events until autumn and winter this year in the hope that restrictions on … Continue reading “Metropolis Group’s £12m ‘expansion’ loan comes as it furloughs staff and cuts hours”

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Standard furloughs staff, cuts salaries and suspends ES Magazine as ad revenue falls

1 Apr

The Evening Standard is putting a number of staff on furlough, cutting the salaries of those that keep working, and suspending publication of its weekly ES Magazine supplement. The measures are the latest to be taken by the free daily newspaper, owned by Russian billionaire Evgeny Lebedev, under the “very challenging circumstances” brought about by … Continue reading “Standard furloughs staff, cuts salaries and suspends ES Magazine as ad revenue falls”

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BBC warns decriminalising TV licence-fee evasion would cost it over £1bn and lead to cuts

31 Mar

The BBC has warned that decriminalising non-payment of the TV licence fee would cost it more than £1bn over five years and “inevitably require significant cuts” to programmes and services. The corporation has defended its core funding model in responding to the Government’s consultation on removing criminal sanctions on TV licence evasion, which can result … Continue reading “BBC warns decriminalising TV licence-fee evasion would cost it over £1bn and lead to cuts”

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Mag publisher Future temporarily cuts back freelance budgets during pandemic

27 Mar

Magazine publisher Future has cut back its freelance budgets during the coronavirus (Covid-19) pandemic but has dismissed rumours of a sweeping freeze on commissions. Future, which publishes around 140 online and magazine titles, said the decision was only temporary and insisted its commitment to “quality content” remains. A freelance journalist who regularly writes for a … Continue reading “Mag publisher Future temporarily cuts back freelance budgets during pandemic”

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Government clears Mail publisher DMGT’s takeover of the i paper

25 Mar

The Government has cleared Mail and Metro owner Daily Mail and General Trust’s buyout of the i newspaper after being told there were no plurality or competition concerns about the deal. DMGT bought the i from JPI Media for £49.6m in November but the titles have been operating separately while an investigation into the impact … Continue reading “Government clears Mail publisher DMGT’s takeover of the i paper”

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Newsquest puts staff on furlough and cuts wages to ‘minimise job losses’ during pandemic

24 Mar

Newsquest is placing a “significant number” of its staff on furlough while all those who remain will face a wage cut in action to “minimise wider job losses” during the coronavirus (Covid-19) crisis. Staff placed on furlough will continue to receive 80 per cent of their basic salary. Newsquest will go further than the Government … Continue reading “Newsquest puts staff on furlough and cuts wages to ‘minimise job losses’ during pandemic”

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City AM suspends print and cuts salaries as coronavirus hits business

20 Mar

City AM has suspended its print edition from today and will cut staff pay in half in April in drastic measures to cope with the coronavirus (Covid-19) pandemic. The financial freesheet is reliant on commuters picking up its 85,500 daily copies at train stations and key locations around London – and advertisers paying to reach … Continue reading “City AM suspends print and cuts salaries as coronavirus hits business”

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IR35 freelance tax reforms delayed over coronavirus outbreak

18 Mar

Controversial tax reforms affecting freelance workers, including journalists, have been postponed for 12 months due to the coronavirus outbreak. Chief Secretary to the Treasury Steve Barclay said the move to delay reforms to IR35 legislation was designed to help businesses and individuals, but stressed they had not been cancelled. Legislation introduced in 2000, referred to as IR35, sought … Continue reading “IR35 freelance tax reforms delayed over coronavirus outbreak”

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