Newspaper Publishing was looking rather vulnerable by the end of yesterday. Not only had its bid to protect its quality Sunday title by buying the Observer failed, but it had also announced a downturn in half year profits to £341,000 from £465,000.
The company issued a statement regarding its dealings with the Observer claiming that it was never the intention to close the paper but to “bring about a genuine union between the Observer and the Independent on Sunday”.
The Independent has suffered a 9% fall in ad revenue year-on-year.
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