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Independent News & Media has seen two of its biggest shareholders offer £27 million of their own cash to secure refinancing for the ailing group. Sir Anthony O’Reilly and Denis O’Brien have put up the cash to help renegotiate a €200 million bond before a mid-May deadline. INM’s advisors hope to convince investors to roll… Continue reading Independent News & Media shareholders attempt to secure refinancing

Lord Carter, the communications minister who is currently composing the final Digital Britain report, has been mooted as a potential replacement for Michael Grade as ITV’s chief executive.Yesterday, the commercial broadcaster announced that Grade would step down before the end of the year to become a non-executive chairman and allow the broadcaster to bring in… Continue reading Lord Carter could replace Grade at ITV

Michael Grade is set to step down as chief executive of ITV before the end of the year to become a non-executive chairman and allow the broadcaster to bring in a new chief exec.Grade’s decision comes after reports last month that ITV shareholders were pushing him to take a step back in return for pumping… Continue reading Michael Grade to step down as ITV chief executive

Global Radio is understood to be on the verge of selling eight of its Midlands stations to Bauer Media in a deal worth £30 million. Global said last August that it would be selling the stations to quell fears expressed by the Office of Fair Trading over its £375 million takeover of GCap Media. Bauer… Continue reading Global Radio on verge of selling Midlands stations to Bauer Media

Free newspaper publisher Metro International has posted a 24% decrease in total net revenues for the first quarter, to €55.6 million. Metro International – which publishes in more than 100 major cities in 18 countries across Europe, Asia, North and South America – also revealed that it has terminated discussions with a potential buyer. It… Continue reading Metro International records 24% fall in net revenues

Newsquest’s advertising revenue fell 38.7% year on year in the first three months of 2009.Financial results published by the regional newspaper publisher’s US parent company Gannett also show that UK classified advertising revenue was down 45.1% in the first quarter.Craig Dubow, chairman, president and chief executive of Gannett, said: “Our results reflect the pressure on… Continue reading Newsquest’s ad revenue down 38.7%

Google has reported a 6% rise in its first quarter revenues, to $5.51 billion (£3.72 billion). However, revenues were down 3% in the first quarter compared to the fourth quarter of 2008. Income in Q1 was $1.42 billion (£959 million), up from $1.31 billion (£884 million) a year earlier. AdSense revenue was $1.64 billion (£1.10… Continue reading Google reports 6% rise in Q1 revenues

Newspapers could lose out by ditching their print editions and going online-only, according to a new study from City University.The study, focussing on Finnish financial newspaper Taloussanomat which went online-only in December 2007, found that although costs can be cut, revenues could be in danger.The paper, which went fully online following heavy financial losses, saw… Continue reading New study examines problems facing online-only newspapers

Regional newspaper publisher Newsquest has seen total advertising revenue fall 38.7% year on year in the first three months of 2009. Financial results published today by the firm’s US parent company Gannett also show that UK classified advertising revenue was down 45.1% in the first quarter. Craig Dubow, chairman, president and chief executive of Gannett,… Continue reading Newsquest’s ad revenue falls 38.7% YoY in Q1

Men’s free weekly magazine Sport has suspended publication after its French parent company, Sport Media & Strategy, went into administration.The last issue of the magazine – which is distributed each Friday at tube stations, gyms, health clubs, and airports – came out on April 3.It is understood that a buyer will now be sought for… Continue reading Sport magazine suspends publication