Last night News International announced it’s closing their freesheet ‘thelondonpaper’. The evening freesheet was part of the head-to-head battle with Associated Newspapers for revenues and control of the city’s media franchise. But a combination of recession and the switch to digital advertising pushed pre-tax losses to £12.9m (year ending June 09).
News International has begun talks with staff, but it seems like this is a done deal. James Murdoch paid tribute to the team, saying “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.”