The Independent is closing its Business Review section in what is believed to be an attempt to cut costs in the face of the current advertising downturn.
A spokesperson for the Independent today confirmed that the weekly business pullout was to close, but could not comment on speculation that tomorrow’s edition would be the last. No reasons were given as to the closure, but a statement is expected shortly.
The eight page Business Review contained features, interviews and financial analysis. It also carried up to a page and a half of advertising.
Independent News & Media (INM) which owns the Independent, had predicted profitability for its flagship titles by the end of this year. However, this deadline is expected to be pushed back in the face of the advertising downturn.
INM reported a drop of 17.6% in pre-tax profits during the six months to 30 June and advertising revenues at INM’s UK newspapers were down by 13% in line with the rest of the market (see Independent News & Media Sees Profits Fall 17%).
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