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We live and work in exciting times - revolutionary times. Technology continues to recast the media industry.

The extraordinary advance of affordable personal digital technology and the stellar rise of social networks are both distrupting and transforming the media market making this a unique moment to be involved in the convergence sectors we focus on.

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Tuesday, 27 October 2009

Done Deal - London Lite to close

So here it is news that the London Lite is to close (the news delivered somewhat ironically in the Evening Standard).

Its a shock but not a surprise (to followers of this blog).

The axe fell on the title not today but months ago in a 'you axe yours and we'll axe ours' arrangement between Associated and News International.

We forecasted the double header here and we took some industry stick for doing so and now its come to pass.

The conclusion is very sensible by the way. The losses were unsustainable and the money is far better spent on the upholding the quality of their respective National titles rather that butting heads in the London market.

This leaves the London afternoon slot completely competition free and open for the recently turned free Evening Standard. Some of you might be justifiably suspicious that the Standard might themselves have been in on the deal and that they had prior knowledge that the field would open up for them giving them the courage to give up of £75k a week cover price revenues in pursuit of extra (free) copies and ad revenues. Who knows?

Very tidy arrangement all round (unless you happen to be an employee of either of the closed/closing title)

Suppose the one remaining question is will Lite and Standard merge? Perhaps that was always on the cards. I think yes but we'll see.

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