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Independent News & Media has managed to bide more time to restructure its £170 million bond after agreeing an extension to its ‘standstill’ credit agreement.The extension to the deal, which was due to expire tomorrow, was agreed after bondholders rejected the latest offer from the publishing group, according to reports.INM’s bondholders refused the company’s proposed… Continue reading Independent owner extends credit deal

Pink Paper is to cease publishing its fortnightly print edition and become an online-only free title.The gay and lesbian title, which originally launched in 1987 and relaunched in 2005 under Millivres Prowler, will be suspended from the end of the month.However, the plans are not expected to result in any redundancies at the publisher.MPG said… Continue reading Pink Paper cancels print edition

Trinity Mirror is set to close eight weekly titles in the Midlands and turn the Birmingham Post into a weekly or biweekly paper.The group’s regional plans, which will see expenditure reduced by as much as £2.5 million, could also include turning evening title the Birmingham Mail into a morning paper.The National Union of Journalists claims… Continue reading Trinity Mirror to close eight Midlands titles

Sun editor Rebekah Wade is to become News International’s chief executive in September.The announcement was made to News International’s Wapping staff earlier today, though Wade’s replacement at the Sun is not expected to be confirmed until later in the summer.James Murdoch, who currently oversees the publishing group as chairman and chief executive of parent company… Continue reading Rebekah Wade promoted to chief executive of News International

News International has cancelled its £30 million contract with newspaper distributor Dawson Holdings.The newspaper publishing group is the latest company to terminate its deal with Dawson Holdings, forcing the firm to close its magazine and newspaper distribution arm.News International’s multimillion pound-contract is due to be cancelled “almost immediately”, according to Dawson Holdings.Dawson is also expected… Continue reading News International terminates Dawson Holdings contract

Online gadget site Firebox.com is set to launch a pilot digital consumer magazine for its subscribers next week.Genius, which is the first project to be produced by Insider Consultancy’s new digital publishing arm, will be sent out to all of Firebox’s 600,000-strong mailing list.PR and marketing consultancy Insider was founded by Mike Peake and Simeon… Continue reading Gadget site to pilot new digital magazine

Half of the UK’s local and regional newspapers could close within the next five years, according to Claire Enders, chief executive of Enders Analysis.Speaking to a commons committee yesterday, Enders said that newspapers would close as revenues will collapse by 52%, or £1.3 billion, between 2007 and 2013.“We are expecting that up to half of… Continue reading “Half of local and regional newspapers to close in five years”

Russian oligarch Alexander Lebedev may have to pay up to £20 million to acquire the Independent and Independent on Sunday newspapers.According to a report published today by Citigroup, the titles, which lost £13 million last year, could be worth as much as £20m.It said that while the papers are arguably “core” to the INM brand,… Continue reading Lebedev may have to pay £20m for Independent titles

Alexander Lebedev, Russian oligarch owner of the London Evening Standard is understood to be in talks to acquire the Independent and Independent on Sunday.Senior executives from Independent News & Media (IN&M) have been in discussions with Lebedev’s representatives over a possible sale, with one source claiming that a nominal offer for both titles has already… Continue reading Evening Standard owner in talks to buy Independent titles

Sport Media Group has managed to turn around its plummeting circulation for the first time in six months and claims its advertising revenue is “holding steady”.SMG, publisher of the Daily Sport and Sunday Sport, said its circulation figures for May are back up to the same levels of last November.Earlier this year, the publishing firm… Continue reading Sport Media Group says ad revenue is “holding steady”