Independent under pressure to make profits
Posted by Emily Dilling on May 29, 2009 at 4:28 AM
Independent News & Media shareholder Denis O'brien said that the survival of the Independent newspaper would need to show profits in order to avoid a sale or closure Reuters reported.
O'brien, who is the company's second-largest shareholder, said in a briefing that he "would love to see the London Independent newspaper survive" adding, "but they have to make a profit."
The news and media group has a total of 1.4 billion euro in debt through its various newspapers, radio stations, and advertising groups in Europe, South Africa, Asia, Australia, and New Zealand.
While O'brien's commentary involved no decisive plans for the paper's future, he did say that he doesn't "believe in having media outlets just for the benefit of journalists" and that these media outlets have "to be profitable for the shareholders."
O'brien, who is the company's second-largest shareholder, said in a briefing that he "would love to see the London Independent newspaper survive" adding, "but they have to make a profit."
The news and media group has a total of 1.4 billion euro in debt through its various newspapers, radio stations, and advertising groups in Europe, South Africa, Asia, Australia, and New Zealand.
While O'brien's commentary involved no decisive plans for the paper's future, he did say that he doesn't "believe in having media outlets just for the benefit of journalists" and that these media outlets have "to be profitable for the shareholders."
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