The Portuguese media group Controlinveste this week closed down its free newspaper Global Notícias and the national daily 24 Horas, Newspaper Innovation reported yesterday.
The group announced the closings through an internal memo, according to Diário de Notícias. "The administration justified its decision as the result of a 'deep structural change of the market of the press,' which 'demands strategic decisions that will lead to new business models," the newspaper explained.
Nonetheless, data collected at the beginning of the year had shown that 24 Horas' circulation was down by 51.22 percent compared with 2009, Correio da Manha reported.
Meanwhile, the decision to close Global Noticias, which was launched in 2007 and had a circulation of 140,000 copies, comes one month after the free daily changed its graphic design and managing direction, Publicitas noted.