Rumours of Scrapping thelondonpaper Quashed

Rumours are being quashed by News International following speculation that James Murdoch was considering axing the londonpaper.

The loss making paper has had rumours growing around it over the last two weeks, but today News International issued a public statement supporting the freesheet.

A spokesman said: “The londonpaper has established itself as the capital’s leading afternoon paper with an audited daily circulation of over 500,000 and strong advertising revenue.

“News International, the UK’s largest national newspaper company, has backed its confidence in the long-term future of the industry with a recent £650 million investment in next generation print plants. We intend to build on the success of our market leading national titles and that of the London Paper in the years ahead.”

Despite being the number one evening paper in London (see Evening Standard Records Circulation Increase), the paper has lost £17 million in its first ten months.

News International closed its loss-making News Magazines unit last week, with titles either being absorbed in-house or being sold (see News International Set To Close Magazines Unit).

londonpaper: www.londonpaper.com