UK regional newspapers report 91% drop in profits
Posted by Emily Dilling on May 25, 2009 at 11:51 PM
The UK's Daily Mail and General Trust's regional division of newspapers, Northcliffe Media, have reported profit losses of 91 percent, Press Gazette reported.
Northcliffe Media, which now only generates 21 percent of its profit from its UK newspaper titles, has suffered a 36 percent decrease in ad revenue since the same time last year, with regional advertising dropping 31 percent this year alone.
Northcliffe Media, which now only generates 21 percent of its profit from its UK newspaper titles, has suffered a 36 percent decrease in ad revenue since the same time last year, with regional advertising dropping 31 percent this year alone.
The media group has also lost 11 percent of its staff members over the previous six months, while the Daily Mail and General Trust saw overall drops in revenue of 7 percent in the last six months.
In response to the dismal profit reports, Northcliffe has announced "further significant reductions" to cut costs.
Martin Morgan, a chief executive at Daily Mail and General Trust, attributed the losses to "the impact of the recession on our consumer media advertising revenues."
In response to the dismal profit reports, Northcliffe has announced "further significant reductions" to cut costs.
Martin Morgan, a chief executive at Daily Mail and General Trust, attributed the losses to "the impact of the recession on our consumer media advertising revenues."
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