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The decline continues

IRE60

Via the Campaign site - report on the worsening state of print. (Cant find it on Neilsons' site). Some of the budget cuts are savage:

Newspaper revenues fall amid talk of joint ad sales

The national newspaper advertising slump has worsened since the Brexit vote, with revenues crashing 18% year on year in August, making it the worst-performing month of the year so far.

Print ad sales dived 14%, or £95m, in the first eight months of the year to £575m from £670m in the same period a year ago, according to Nielsen.

Newspapers got a brief respite around the Brexit referendum, when ad sales fell only 4.5% in June and 11% in July. Every other month this year has seen a fall of at least 14%.

The newspaper print ad market fell 13% in 2015 and 9% in 2014.

A number of high-profile brands abruptly slashed their print ad expenditure in favour of Facebook and other digital channels.

Tesco cut spend by 85% year on year in the first eight months of 2016 to £1.8m, O2 reduced its outlay on print ads by 45% to £4m and Marks & Spencer dropped its spend by 28% to £7m.

Worsening revenues will add to pressure on newspaper owners to consider pooling their ad sales in a single sales house in order to gain scale in their negotiations with media agencies, improve efficiency and cut costs.

News UK, Trinity Mirror, Telegraph Media Group, Guardian Media Group, DMGT and Northern & Shell have been in talks since at least May, when Campaign first reported that discussions had begun.

Steve Booth, chairman of MC&C and co-founder of BLM, has been leading the initiative, dubbed Project Juno.

Newspapers are understood to have commissioned Enders Analysis and lawyers to report on how a joint ad sales house might work and the likely obstacles emerging from a Competition

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IRE60

JTMan wrote: »

Very surprising that INM and Celtic Media have walked away from the proposed INM acquisition of Celtic Media. Anyone hazard a guess as to why?

Strange - maybe the scrutiny?
Perhaps an investigation by the BAI might not be the attention either company (or just one) wants.
Maybe the the whole mess at the top with IN&M's CEO and whistleblower stuff is enough focus at the moment.

JTMan

The BAI had finished their investigation. It is with the Minister for a final determination.

Yeah, perhaps infighting in INM is a factor or perhaps INM re-did the maths and took fright at owning more legacy small regional newspapers.

The Sunday Business Post now reports that 100 jobs are at risk at Celtic Media.

Meanwhile, Landmark Media Investments are seeking a buyer for their regional portfolio.

IRE60

Yes, maybe - maybe things have differed since the first offer and now. I'm a fan of regional newspapers - until you see how they a part of a (rural community it had to be said) community you see the plus.
Ministers report was ment to be released this week - was it going to be another scrutiny that wasnt going to be tolerated?
Think Celic are in stuck with a lot of debt - 4m if I remember correctly - not much more than the asking - parashoot stuff!

JTMan

The Sunday Times reveals the reason for the collapse of the INM acquisition of Celtic Media here. " It is understood that the deal fell down on a clause that would have required INM to maintain the number of journalists in the Celtic Media group at 24 indefinitely".

Crazy clause to has no real world logic.

IRE60

Indefinitely, are you sh1tting me!

It’s absolutely amazing that the BAI who were, supposedly, the instigators of these clauses, would decide to impose these restraints on a company, two companies as it turns out.

If the story is correct and the BAI report is true (and I have no reason to doubt it) then they sunk the deal imposing draconian constraints on a company.

I think the BAI might, but imposing these caveats and having the deal scuttled, have been the catalyst in the possible failure of a newspaper group.

Frank Mulrennan, Celtic CEO, said at a hearing, that the papers would be in a better place under the control of IN&M. It suggests, I think , that they need to be sold.

Ask the BAI if, when they employ their next staff member, will they give them tenure? Will they say you now have a job for life as they were, supposedly, asking IN&M for the positions of the 24 journalists?

All editors to remain in place and, the real fcuk you, that they report into the Indo to one person dealing solely with the six ex-Celtic titles. Do they want to go in and run IN&M themselves?!

I’m certainly no apologist for IN&M but I think that with that level of interference was totally over the top and they were, given the report in the ST, correct in pulling out.

You can’t be subservient to some overarching authority, and a government funded one, telling you how long you can employ people for - indefinitely!

If this is the level of “interference” (choose a different adjective depending on where you site on that spectrum) the BAI can wield over a publisher, then I think it is dark day for the media.

No commercial reality.

IRE60

Time Inc now - looking to scale back by 111 journalists.

http://www.pressgazette.co.uk/uk-magazine-giant-time-inc-puts-111-journalists-at-risk-of-redundancy

expectationlost

JTMan wrote: »

Very surprising that INM and Celtic Media have walked away from the proposed INM acquisition of Celtic Media. Anyone hazard a guess as to why?

the Phoenix said with the delay INM saw Celtic Media numbers go down further and looked less attractive. They said the guaranteed job numbers would have been negotiated down.

JTMan

expectationlost wrote: »

the Phoenix said with the delay INM saw Celtic Media numbers go down further and looked less attractive. They said the guaranteed job numbers would have been negotiated down.

Interesting. If the Celtic Media numbers are getting worse, it begs the question as to what will happen to the operation without an acquisition.

IRE60

JTMan wrote: »

Interesting. If the Celtic Media numbers are getting worse, it begs the question as to what will happen to the operation without an acquisition.

There's a chance that it will go tits up.

Celtic CEO, Frank Mulrennan, told the Communications Committee:

"If it is not approved, our ongoing decline in revenues combined with our continuing need to invest in digital strategy will increase CMNL’s reliance on bank funding and leave us in a position where we will be unable to offer firm guarantees of survival for all of our titles."

You can't get a clearer statement than that, but there seems to be very few people listening.

The idea of "media plurality" sometimes has to be looked at in terms of the commercial realities.

JTMan

IRE60 wrote: »

The idea of "media plurality" sometimes has to be looked at in terms of the commercial realities.

Completely and if Celtic Media does go tits up then the unions who opposed the deal have to learn from this and apply to future consolidation attempts.

Loafing Oaf

IRE60 wrote: »

The idea of "media plurality" sometimes has to be looked at in terms of the commercial realities.

That's what I always think when I hear people complaining about Denis O'Brien's ownership of Newstalk...

IRE60

Loafing Oaf wrote: »

That's what I always think when I hear people complaining about Denis O'Brien's ownership of Newstalk...

I think the Newstalk story has a bit to go yet and we'll see how detached the Indo and Newstalk are in reality.
The Indo CEO and another Indo employee are currently under the 'protection' of the ODCE.

JTMan

A liquidator has been appointed to Wexford Echo Limited. Wexford Echo Limited are owned by Landmark Media Investments. Wexford Echo Limited publish Wexford Echo, Gorey Echo, New Ross Echo and the Enniscorthy Echo. Wexford Echo Limited also sub-edit The Waterford News & Star, Carlow Nationalist, Kildare Nationalist and the Laois Nationalist. https://www.rte.ie/news/leinster/2017/0629/886586-liquidator-echo/

IRE60

I see there may be a bit of light in that tunnel.

Datascope, printers in Enniscorthy, are eyeing up the four papers as a going concern.

I'm not sure if they have any of the contracts to print any of the four publications already.

edit: I don't think they do currently print them. There's a possibility that the four papers, because of their background and belonging to Landmark, may be up on the WebPrint press on Cork. That press/company was recently purchased by the Business Post. While the Wexford papers would not be the highest volume in the world, it would still be a decent enough contract to WebPrint which they might lose if Datascope got it.

It's swings and roundabouts these days.

It could really be a bad year for the regional’s.

JTMan

The Irish Times prints all Landmark Media Investments titles as per this article.

Good news that Datascope are potentially going to acquire the 4 titles. Apparently, there are now 3 suitors out there for the remainder of the Landmark Media Investments titles.

IRE60

Are the rest of the titles up for grabs? Radio and web?

JTMan

IRE60 wrote: »

Are the rest of the titles up for grabs? Radio and web?

Titles, yes. Radio and web, largely no or so it seems.

- All newspaper titles are up for grabs according to media report.
- There has been zero media reports that their 3 radio interests are for sale.
- Given that Breakingnews.ie just copy and paste articles from the Irish Examiner, I don't see how the 2 can be separated easily. Don't know who would be interested in the small RecruitIreland.com nor Benchwarmers.ie.

JTMan

Independent News & Media (INM) issues profit warning 'driven by ongoing challenges'

http://www.independent.ie/business/media/independent-news-media-inm-issues-profit-warning-driven-by-ongoing-challenges-35947825.html

INM said continued publishing advertising decline and lower than expected growth in digital revenues means total advertising is forecast to decline by around 7pc year on year. Circulation continues to decline at 7pc year on year.

IRE60

More detail in their trading statement

http://otp.investis.com/clients/uk/inmp/rns/regulatory-story.aspx?newsid=893161&cid=29

Reduction in print advertising by 12%

No massive rise in digital meaning meaning that overall advertising is back 7%.

A decline in circulation and readership* - Circulation down 7%

Newspread doing nicely

Increase in the provision for the potential downside of legacy liable cases

“costs associated with the Independent Review and meeting the requirements of the Office of the Director of Corporate Enforcement”

Digital growth much slower than envisaged. Invest in programmatic and a VJ with ShinAwil

“readership” : the last Irish Newspaper readership report , that was published, covered from Mid 2014 to mid 2015 – difficult to lean on the readership issue if you’re not measuring it

expectationlost

Independent Broadcasting Bill will strengthen viability of local media https://www.fiannafail.ie/independent-broadcasting-bill-will-strengthen-viability-of-local-media/

“Creating original news content is quite expensive, and the lack of funding for independent and local stations often makes it impossible for them to do so. This means that local communities miss out on content that is specific and important to their locality, such as coverage of local sports events or history programmes with a local twist.

He added, “For democracy to properly function, it is essential that our citizens can access honest, unbiased news coverage of the events that matter to them.
“The Public Service Broadcast Scheme will be funded by the increased revenue that will come from a reduction in license fee evasion, ensuring that no other organisation will experience funding cuts as a result of the establishment of this fund.

what has local sports content and history shows got to do with news and democracy? (and when they talk of Indepdent Radio they talking newstalks and today fm too not just smaller stations)

Never much of radio listener, does anyone listen to their local radio station to keep informed? ( I see Nearfm does citizen info stuff, worthy Im sure but not exactly "news".)

Now that more stations podcast I listen a bit more often to segments, I follow the radio Northside today show rss2email but there is rarely anything worth listening to.

I find it painful to listen to poor radio/interviews. There is presenter who does that Dublin politics coverage who is just awful.

Why does democracy require usually awful local radio? (partly to do with the different treatment of broadcasting TV/radio and print)? Dublin Inquirer is doing better job then any loca radio station afaik, and I prefer reading things, even transcipts of radio/tv so I get search for the exact bit of info I want).

state from IBI http://radiotoday.ie/2017/07/ibi-welcomes-independent-radio-stations-bill/

IRE60

Interesting article here from an indo statement
http://m.independent.ie/business/media/inm-warns-of-job-losses-unless-there-is-consolidation-in-the-sector-35984227.html

Plus a article on Trinity Mirror results for the first half -
http://www.pressgazette.co.uk/trinity-mirrors-half-year-revenue-down-55m-as-print-advertising-drops-27-per-cent/?utm_medium=email&utm_campaign=2017-07-31&utm_source=Press+Gazette+Daily+new+layout

JTMan

Are all these announcements and comments from INM buttering us up for some big announcement? We cannot be a million miles away from The Irish Daily Star, Sunday World, Herald and some of the INM regionals say adios.

Yesterday37

I'm not surprised. I stopped buying newspapers because I was fed up with the constant whinging and moaning and we're a disgrace as a nation lark. Enough of the misery give us solutions.

JTMan

Celtic Media really are in trouble.

The Sunday Times reports here "Celtic Media said it was reliant on short-term bank funding and had to sell a property in Cavan to generate funds as the review of the INM takeover dragged on. In February, it suspended publishing of Your Forum, a freesheet in Meath."

JTMan

Job cuts on the way at INM. More here.

Harry Palmr

It's always the editorial staff who get it in the neck, they are the backbone of a newspaper. The Indo/Sindo titles are already overwhelmed with piecework opinion and bought in material. How do you develop beyond that with a skeleton new desk.

The good news is that a reprint of Bunty from 1972 is in todays edition. That'll have copies flying out the door.

http://cdn-02.independent.ie/incoming/article36023150.ece/ALTERNATES/h342/Cover.jpg

IRE60

It’s a bit of a no story really, it’s simply rehashing they same yarn that Marshall was removed as an independent director etc.

Like many of the stories emanating from the indo, the only titles mentioned are the Irish/Sunday Indo, Sunday World and the Herald – rarely mentioned anymore is The Star.

You could be excused in thinking that IN&M are preparing to jettison the title at some point in the near future and let the Herald (and the soft underside of the Indo) pick over the carcass of the 50,000 odd Daily Star sales.

The ABC’s for the first half of 2017 are out on Thursday. I’d suggest, like the monthly ABC titles, a 7% decrease in the market. Some figures will flatter to deceive if they are taken at face value of you don’t look at the bulks.

Harry Palmr

Not sure the Star can be classified as a newspaper!

IRE60

ABC for January June 2017 were released earlier today. Morning -9% Sunday -8%. No good news as usual.

Loafing Oaf

IRE60 wrote: »

ABC for January June 2017 were released earlier today. Morning -9% Sunday -8%. No good news as usual.

Particularly grim from the indigenous dailies, or dailies with significant Irish content so we can include the Mail. Herald down 11%, surely a merger with the Indo or the Star must be on the cards...