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There were more job cuts in London's print world as The Independent confirmed it was axing 90 staff at its daily and Sunday titles. 60 are thought to be editorial roles while more job losses are in the pipeline as the Inde is also considering outsourcing some back office operations to other titles
Paper up for sale?
The struggling broadsheets owner, Irishman Sir Anthony O'Reilly, was forced last week to deny rumours he will have to sell the newspaper. Apparently if Sir Anthony cannot generate £1.1 billion to pay off various debts he will have to sell the underperforming Independent News & Media group - it is said the Daily Mail & General Trust, were considering a bid for £1, something both groups have rubbished.
Evening Standard
Earlier in the month two Evening Standard editors were shown the door. Senior executives, including night editor Tim Barlass, motoring Editor David Williams and crime reporter Rob Singh were given the axe on Friday. A major price reduction from the "premium" 50p may have to be considered. Time Out Also last week London's Time Out magazine was set to cut 13 jobs, around 8% of its staff, in its attempt to integrate is online and print teams. A previous announcement said the listings bible was "reviewing" all of its London operations. There is a rumour the print edition could become a stripped down free title to promote an expanded online offer. There are reports the Tottenham Court Road based magazine has already cut back on its freelance and casual staff.
FT and Metro
The Financial Times and The Metro are also set to move on staff redundancies. 60 jobs will go at the broadsheet and an unspecified number will be shown the door at the freesheet. Management at the FT is already negotiating with employees looking to cut backroom staff working in the editorial library and the managing editors office. There are fears editorial quality will be adversely hit.
The battle to stay profitable
Freesheets like the 1.3 million circulation Metro, Londonlite, London Paper and City AM are especially vulnerable to the downturn in advertising blighting the industry. The Associated owned paper will see lay-offs and the non-replacement of staff. A FT spokeswoman said the cuts were part of a "streamlining and integration" program while the Metro's managing director Steve Auckland has pointed to the general depressing economic environment.
Freesheet truce?
There were rumours following a Guardian story that Associated Newspapers, who run the LondonLite had approached rivals News International of thelondonpaper, about some kind of deal to reduce the costs of both the free titles. Both are believed to be loss making. The Guardian reports Murdoch’s company knocked back the deal - News International entered the London market with the express aim of reducing Associate’s hold over the cities press. Associated own the Evening Standard, The Metro as well as the Lite.
Struggle for freesheets
Speaking in The Independent, William Yarker, media director at Deloitte said: "For the free papers their model is built on advertising, while the 'paid for' papers also have money coming in from circulation. "All types of newspapers will come under pressure in a downturn, but the free ones are especially vulnerable."
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