UK: DMGT claims London Lite no threat to Evening Standard
Daily Mail and General Trust’s finance director Peter Williams claims that the August re-launch of afternoon freesheet London Lite will not endanger the Evening Standard. The Standard has lost 7% of its circulation in the past year.
FinanzNachrichten reports that Peter Williams denies rumors that DMGT is planning on closing the Evening Standard.
In a conference call to reporters, Williams also downplayed DMGT’s reputed £15m investment in London Lite. “We don’t see this as being enormously expensive for us,” he said.
Williams is optimistic that London Lite will reach their target circulation of 400,000.
He is less optimistic about regional recruitment advertising revenues, which had dropped 17% in the 11 month period ending this August. With classified ads migrating to the internet, the future for this type of profit does not look bright.
The London Lite re-launch is the latest chapter in London’s fevered free paper wars.
Source: FinanzNachrichten
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