Johnston Press buys i newspaper but Independent to close The sale of the i and the closure of its erstwhile stablemates were confirmed in a statement by its owners ESI Media, which is controlled by Evgeny Lebedev.
It said that while a number of the i staff would transfer to JP under the deal, there would also be some editorial redundancies. The i, which retails at 40p on weekdays and 50p on Saturdays, has a current circulation of burberry outlet arizona 275,000 some 20pc of the daily market. According to JP it made a profit of 5.2m in the year to September 2015, with today deal valuing it at 4.6 times that figure. JP has also set out plans for how it intends to run the i, which will continue to take content from Mr Lebedev stable under a three year deal. It is envisaged that the deal, which will need to be approved by JP shareholders, will be completed by April. Said Ashley: is a transformational burberry clothing sale acquisition for Johnston Press and an important step towards delivering our long term strategy. is a highly regarded newspaper with a clear market position and a loyal readership. By joining with Johnston Press the combined circulation will be equal to 9pc of national daily circulation, making us the fourth largest player in the market. enhanced reach represents a significant growth opportunity for Johnston Press in terms of national print and digital advertising revenue. It also rebalances our revenues towards less volatile circulation revenues. statement on JP corporate website makes clear that the company intends to position the newly acquired title as a brand alongside its flagship regional titles. It says: directors believe that the acquisition of i would build strength into the existing portfolio of Johnston Press brands, such as The Scotsman, The Yorkshire Post and the Newsletter, enabling the group to offer a package of brands to the market. The statement also describes the combination of JP and the i as a strategic fit. will help build the Group national print and digital display advertising revenues through access to a number of strategically important local markets and the large and attractive ABC1 demographic category which comprises 77% of i readership, as well as a number of blue chip advertisers, the majority of whom do not currently advertise burberry nylon shopper with Johnston Press titles, it says. In his own statement, Mr Lebedev said that Johnston Press would be owners of this great, innovative newspaper, whose success has defied industry predictions. also attempted to portray the decision to close The Independent and the IoS as part of an transition towards the digital future. newspaper industry is changing, and that change is being driven by readers. They're showing us that the future is digital. This decision preserves the Independent brand and allows us to continue to invest in the high quality editorial content that is attracting more and burberry dresses online more readers to our online platforms. chief executive Steve Auckland added: unique editorial proposition of The Independent is perfectly suited to the global digital landscape. now have a clear and secure future path for our businesses. It's also a further opportunity for our advertisers to capitalise on our growing, smart, affluent and digitally savvy audience." As a result of the move to digital only, ESI Media plans to create 25 new digital content roles, launch a new subscription mobile App and continue to invest in quality journalism. It also plans to open new editorial bureaux will in Europe, the Middle East and Asia, while expanding the US operation. However the National Union of Journalists has accused ESI of treating its workforce with contempt. General secretary Michelle Stanistreet said: close these historic titles overnight after a deal clinched behind closed doors, without any consultation or attempts to engage with staff, demonstrates the contempt the company has for its workforce.
Evgeny Lebedev to laud closures that will see staff lose their livelihoods as an 'historic transition' is an added indignity. fact that our national newspapers can be shut down overnight with no scrutiny and no ability for their future to be secured through other means, underlines the moral bankruptcy of newspaper ownership in the UK. That needs to be urgently addressed.
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