London Paper set to close
FREE afternoon newspaper the London Paper is set to close next month, its owner News International said yesterday, putting 60 jobs at risk.
The title, which booked pre-tax losses of £12.9m on revenues of £14m in the year to June 2008, had “fallen short of expectations,” said James Murdoch, chairman and chief executive of News Corp in Europe and Asia.
He added: “The strategy at News International over the past 18 months has been to streamline our operations and focus investment on our core titles.”
A spokesman for rival paper London Lite, which is owned by Daily Mail and General Trust, said it was watching developments with interest, while analysts said it could also close.
News International, which has been looking to reduce costs as it weathers the downturn, has been disposing of non-core assets as well as cutting production jobs at its newspapers.
The news came as it emerged that media magnate and News Corp boss Rupert Murdoch saw his income fall by 40 per cent last year. His pay packet was $19.9m (£12.1m), compared to $27.5m in fiscal 2008.