Word: londonized
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When Alexander Lebedev, the new Russian owner of Britain's Independent newspaper, visited the offices of the rival Guardian last year, he was asked why he wanted to buy a struggling paper. The Independent sells only around 100,000 copies in the U.K. on a typical weekday, trailing London's four other quality dailies - the Daily Telegraph, Rupert Murdoch's Times of London, the Financial Times and the Guardian - and consistently loses about $15 million a year. Lebedev, whose first experience in London was as a KGB agent in the 1980s, offered a characteristically enigmatic response: "Well, either...
...Following on the heels of his purchase of London's Evening Standard last year, the announcement of the Independent deal Thursday, March 25, confirms that Lebedev is indeed building a budding media empire in London. But at this stage, his plans are still something of a mystery to rivals and commentators alike. The Independent's position is so weak that carrying on with its existing strategy - offering an internationalist, liberal alternative to the right-leaning Telegraph and the more centrist Times of London - would be commercial suicide. The already small readership of the Independent is declining faster than that...
...media landscape is changing by the day in London. Murdoch's News Corp. announced Friday, March 26, that it will start charging consumers ?1 ($1.50) a day or ?2 a week to access the websites of the Times of London and the Sunday Times. James Harding, editor of the Times of London, said the move was a "big risk but less of a risk than throwing our journalism away." Murdoch's Wall Street Journal has done relatively well charging for its online edition, with 407,000 paying subscribers in the six months ending Sept...
...Times of London, some insiders believe the Independent might go the other way and start giving the paper away for free - the strategy adopted by the Evening Standard after Lebedev purchased it. Rivals have estimated that the move could cost Lebedev about $45 million a year in sales revenue - but it could also boost advertising if it increases readership. In an interview with the Times of London in January, Lebedev was ambiguous: "Let's assume we make the Indy free. You'd affect seriously the business models of other newspapers, and frankly, that's a very important reason...
...publication next month of the International Monetary Fund's recommendations on bank taxes - a report commissioned by the G-20 countries last year - might help coax reluctant nations into considering the measure. "Some countries feel they did their homework," says Arturo De Frias, an analyst at Evolution Securities in London. Should there be an agreement on the issue, he says, "I would be very, very surprised...