The company has begun a 30-day consultation on the proposed closure with approximately 60 staff of NI Free Newspapers, the subsidiary that publishes thelondonpaper. The company plans to continue to publish the title during the consultation period.
James Murdoch, Chairman and Chief Executive, Europe and Asia, News Corporation, said: “The strategy at News International over the past 18 months has been to streamline our operations and focus investment on our core titles. The team at thelondonpaper has made great strides in a short space of time with innovative design and a fresh approach but the performance of the business in a difficult free evening newspaper sector has fallen short of expectations. We have taken a tough decision that reflects our priorities as a business.”
News International began to review its efficiency and effectiveness in early 2008. It has refocused around a set of strategic priorities and has exited or sold non-core operations including News Magazines, PropertyFinder and CentreCore.
thelondonpaper recorded a pre-tax loss of £12.9 million in the year to 29 June 2008 on turnover of £14.1 million.
About News International
News Internationals says: “News International Limited publishes The Times, The Sunday Times, The Sun, News of the World and thelondonpaper. In terms of growth, share, circulation and reader engagement, the Company’s titles are among the world’s most successful. NewsPrinters Ltd prints the national titles and operates as a contract printing subsidiary for the three state of the art printing plants. Further brands which are part of the group include the Times Literary Supplement and milkround.co.uk. The News International group has investments in property search-engine globrix.com and fashion website BrandAlley.co.uk.
In 2007, News International Ltd became the UK’s first carbon neutral newspaper publisher. This was achieved by increasing energy efficiency, switching to renewable energy and combined heat and power and purchasing high quality offsets.
thelondonpaper is published by NI Free Newspapers Ltd, a News International company. It was launched in September 2006 and had a circulation of 500,348 copies in July (ABC, July 2009). In the year to 29 June 2008 it recorded a pre-tax loss of £12.9 million on a turnover of £14.1 million.”
