More Gloom For UK Newspapers, Web Gains Not Offsetting Economy

The outlook for UK news publishers is as gray and overcast as this summer’s weather has been, as the latest earnings testify. Johnston Press, the country’s second largest regional news company with 300 weekly titles and 323 websites, saw pre-tax profit slump 18.1 percent to £62.5 million ($115 million) in the six months to June 30, as the economic downturn grew sharper and hit advertising, especially property and motor classifieds in what CEO Tim Bowlder said are “the most challenging conditions encountered by the group for a considerable number of years“. Despite raising £249.2 million ($459 million) in May to put against debt, it’s had to postpone the latest dividend for the same reason.

Meanwhile, Independent News & Media’s UK profit crashed 35.6 percent to