Times change as profits rise | W Hotels hire
Staff changes at The Times under seven-day merger
Changes at The Times and Sunday Times in Scotland as the Sunday editor Jason Allardyce is the latest to depart in a round of cuts. Times reporter Mark Mclaughlin left last month.
The redundancies are a result of a merger of the titles’ editorial staff into a seven-day operation. Allardyce has been in post since 2012.
David McCann, news editor at Times Scotland, will assume responsibility for the Sunday title. Magnus Llewellin becomes editor in chief of Times Scotland.
Times Media, publisher of the papers, reported revenues of £373.4m in the year to 3 July 2022, up 14% on the year before.
This was a result of a growth in both digital subscriptions and digital advertising, as well as a “rebound” in print advertising, higher content licensing revenues and a 53rd week in the year.
It reported a pre-tax profit for the financial year of £73.2m, more than double the £34m reported in the previous year.
At the end of the period, The Times and Sunday Times had 438,000 digital-only subscribers out of a total 641,000.
Times Media’s EBITDA, excluding restructuring costs, totalled £82.9m in the year to July, up 58% from £52.5m the year before. Including restructuring expenses, EBITDA was £79.9m, up from £44.2m.
According to the accounts, Times Media employed an average of 554 editorial staff in 2022, up from 532 the year before.
Sister title The Sun more than doubled its pre-tax losses to £127.2m last year as ongoing legal claims hang over the accounts.
The Sun’s revenues grew marginally from £318.6m to £320.5m as digital growth outpaces the decline of print.
New hotel challenge
Lauren Robertson, associate director of marketing, Balmoral Hotel, is leaving after 12 years to join the team at W Hotels as director of marketing for the new W Edinburgh.
It will be housed in the ribbon building opening later this year in St James Quarter.