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The BBC Trust has agreed a £30.7 million increase in the BBC’s online budget over the next three years, a 27% rise over its current £145 million a year.The increase, almost 42% under the £52.7 million originally requested by the BBC, is subject to conditions set by trust chairman Sir Michael Lyons to ensure that… Continue reading BBC Trust approves £30.7m increase in corporation’s online budget

Crain Communications, parent company of Advertising Age, has announced job cuts at its 30+ media properties, as well as a 10% salary cut.Crain announced on March 5 that it was closing Automotive News Europe, Business Insurance Europe, RCR Wireless News and Financialweek.com.Keith Crain, chairman of Crain Communications, said: “We hope the economy stabilizes soon. Our… Continue reading Ad Age parent company to cut jobs and salaries

Aegis has reported a 25.7% increase in underlying pre-tax profits in 2008, with revenue up 21.3%, and operating profit up 26.8%. However, the media buying and research group announced that it is to cut 5% of its global workforce, around 780 employees, as it seeks to cut costs in the economic downturn. The firm said… Continue reading Aegis’ pre-tax profits up 25.7% in 2008

Aegis is to cut 5% of its global workforce, around 780 employees, as it seeks to cut costs in the economic downturn.The firm revealed the cuts today as it announced its financial results for 2008. It said that the job losses would help it save £20 million in 2009.Aegis reported a pre-tax profit of £166.8… Continue reading Aegis to cut 5% of global workforce

The chief executive of Independent News & Media, Sir Anthony O’Reilly, is to retire in May, to be replaced by his son Gavin O’Reilly with immediate effect. O’Reilly, INM’s largest shareholder with 28.5%, will retire on 7 May, with his son, currently chief operating officer, becoming chief executive-designate with immediate effect. INM shareholder Denis O’Brien… Continue reading INM CEO Sir Anthony O’Reilly to retire in May

UTV has reported pre-tax profits of £20.3 million in 2008, down from £20.8 in 2007. Group operating profit remained static at £28.1 million, with radio operating profit up 12% to £18.5 million. There was also an impressive increase in new media operating profits, of 44%, taking the total to £2 million. However, television operating profits… Continue reading UTV reports £0.5m drop in pre-tax profits

RTL Group, owner of Five, has reported a 1.2% rise in revenue to €5.7 million for the year ending December 31 2008, with underlying revenue at constant exchange rates up 2.6%. Earnings before the deduction of interest, tax and amortization (EBITA) were up 2% to €916 million. The net profit attributable to RTL Group shareholders… Continue reading RTL Group reports 1.2% rise in revenue for 2008

JCDecaux has reported a year on year rise in revenues of 2.9% for 2008, to € 2.2 billion. Excluding acquisitions and the impact of foreign exchange, organic revenue growth was 6.3%, ahead of the growth in the global advertising market in 2008, the outdoor firm said. Group operating margin dipped by 1.0% to €550 million,… Continue reading JCDecaux reports 2.9% rise in revenues

Johnston Press, publisher of The Scotsman and the Yorkshire Post, has reported a 28% drop in adjusted pre-tax profits for 2008, with ad revenue falling 36% at the start of this year. Adjusted pre-tax profits were down from £137.4 million in 2007 to £98.8 million in 2008. The group’s adjusted pre-tax profits do not include… Continue reading Johnston Press reports 28% drop in pre-tax profits

Regional newspaper publisher the Observer Standard Media Group has gone into administration, according to a report in the Birmingham Post. The report says that the company made an announcement to staff, with the group believed to be looking for a buyer for its titles. The group publishes 20 weekly newspapers across the Midlands, most of… Continue reading Regional newspaper publisher goes into administration