Monday, November 24, 2008

Despondency At The Independent

Amid plunging advertising revenues in an industry stricken by recession, Independent News and Media (INM) has announced that 90 jobs – including 60 editorial posts - will go at The Independent and The Independent on Sunday, as part of a drive to axe £10m in costs, says James Silver.

The titles – which reportedly lose around £12m a year – have also seen dramatic falls in circulation, with The Independent down 16.29%, year-on year last month, and the Sunday down by 21.41%.

“It’s horrific out there, at the moment, horrific,” said Mr. Alton, in a soul-searching interview with Sky News Online, as forecasters Enders Analysis predict that newspaper advertising revenues would drop by 21% in 2009.

“There’s already been carnage, and I expect there’ll be more. I’d be amazed if some newspapers didn’t fail [during the recession].”

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