THG Group has agreed to buy London free paper City A.M., meaning the title will live on after going into administration yesterday. Good news…
City A.M. co-founder Lawson Muncaster said the deal was a “perfect fit”:
“We both believe firmly in the power of business to make peoples’ lives better and we cannot wait to get started with our new partners… as a ‘pro-business, pro-libertarian’ business, were committed to the editorial independence of the paper and would not be closing the print arm of the company.”
The existing 40 staff at City A.M. will join THG. A.M. co-founder and CEO Jens Torpe will retire with the conclusion of the deal. Guido’s glad to see the title live on…
Guido is sad to hear that City AM is heading to the wall. It was the incubator of many journalists and was distinct as a finance focused newspaper that was favourable to the City and those who work in it. There is some talk that it may be restructured and the title will live on.
City A.M.’s owners have announced the paper is for sale, and are publicly looking for suitors to keep the doors open for the freesheet’s “new chapter“. The paper is currently privately owned, with 50% of the shares owned by a Dutch consortium and 25% each owned by CEO Jens Torpe and Managing Director Lawson Muncaster. It was hit hard by the pandemic, and stopped publishing on Fridays earlier this year to cut costs…
Boss Lawson Muncaster revealed they are now exploring a sale, having already launched discussions about potential investment:
“As London continues to bounce-back from the pandemic, the time has come to think about the next chapter of City A.M.’s story. As a local paper at the heart of the financial universe, the brand is perfectly positioned to expand into new areas and develop new revenue streams that take advantage of the new media landscape.”
Print circulation is hovering around a daily 67,000, which is down one fifth on their pre-pandemic numbers. City slickers working from home hasn’t helped their numbers. Of course, they’re not the only newspaper for sale at the moment…
In the May v May interview in City AM this morning, Theresa May’s answers to Christian May’s quickfire round were revealing:
Hayek or Keynes? “I have one theory which is you have to live within your means.”
Well that is hardly true, is it. May’s manifesto pushed back the never-ending deficit reduction horizon to 2025.
Black cabs or Uber? “Black cabs are a great institution.”
Safety first as ever from the PM. Oh for the the days of Digital Dave’s backing for forward-thinking, freedom and innovation.
Coq D’Argent or Simpson’s Tavern? “Simpson’s Tavern.” When I point out this is Nigel Farage’s favourite City haunt, the PM changes her mind.
Says it all…
“Are you rich enough to bid for a City AM internship?” sneers Roy Greenslade at Media Guardian this morning, reporting that the business freesheet is auctioning off work experience to the highest bidder. “Open to all who have plenty of capital,” sniffs the Guardian. Bravely.
It’s an odd thing to get upset about since City AM’s initiative is for charity. The money raised is being given to Maggie’s cancer centres, which offer support to cancer victims. Even odder that Greenslade would attack newspapers charging for work experience, given just last year the Guardian charged £600 for a summer work experience placement. The difference? City AM are giving the money to charity, the Guardian kept the cash for themselves…
You can bid for the City AM work experience here. Money goes to Maggie’s.
The financial pages seem full of good news for Brexit Britain, City AM splashes with “Bounceback“, the Wall Street Journal contemplates a Brexit boom for manufacturers and the pound recovering. Over at the FT they have managed to acknowledge the possibilty that things might not be quite as terrible as they predicted with a sceptical bottom of the front page headline “busy factories fuel pro-Brexit MPs claims of Treasury scaremongering”. This is countered by a claim, based on a self-selecting voodoo poll, that “graduate recruitment has slumped”. Lionel’s Légion d’Honneur for services to European unity remains untarnished…
