Letterworks Blog

Freesheet Evening Standard loses £28.3m

Posted by: Letterworks on: 12th July 2010

Evening Press, the trading name for the iconic Evening Standard has reported a £28.3m loss in it’s first year of trading. The paper was bought in December 08 by Alexander Lebedev, a Russian media magnate for £6.7m. Lebedev turned the paper into a freesheet on acquisition and indeed has blamed the loss partly on the costs incurred on the change of business model.

As a publisher of free publications ourselves, albeit on a tiny scale in comparison, we surely hope that the paper can turn it’s fortunes around and that the future of our free provincial publications can survive these difficult times. I know the likes of the iPad will not be helping the cause of paper publishing, but personally I still believe that there are times when paper just feels right…and I’m sure millions of London tube passengers would agree!

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