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Evening Standard to go weekly amid mounting losses

Evening Standard
The daily printed edition of the Evening Standard will end after 197 years

London’s Evening Standard intends to bring its daily print edition to an end after nearly 200 years and replace it with a weekly edition.

The company said that fewer workers in the City and the introduction of of wi-fi on the Underground had added to other financial pressures, including a continued decline of advertising revenue.

Paul Kanareck, the chairman, told the newspaper’s 220 employees that losses from its operations were no longer sustainable.

He admitted there would be an “impact on staffing”, with journalists bracing themselves for further job losses on top of years of redundancies, while design staff on the print edition are expected to fell the brunt of cutbacks.

“We plan to consult with our staff and external stakeholders to reshape the business, return to profitability and secure the long-term future of the number one news brand in London,” he said.

Its most recent results show an operating loss of £14 million, a 17% deterioration on the previous year. Losses over the last six years have grown to £84.5m. 

Evgeny Lebedev bought a controlling stake in Evening Standard in 2009 for £1 and it became a free paper. Daily distribution has slipped from a high of about 700,000 in 2011 to 275,000 copies while its website has built up an online audience of 12 million visitors.

Even the editor, Dylan Jones, admitted at a recent event that he never” reads a physical copy of a newspaper and prefers to browse websites and apps.

His predecessors in the editor’s chair have included the former Conservative chancellor George Osborne and Emily Sheffield, the sister-in-law of the Foreign Secretary, Lord Cameron.

The Standard’s sister title The Independent, went online-only in 2016. Mr Kanareck said: “Although this process may be unsettling, our goal is to replicate our previous success with The Independent, which has seen enduring growth in readership and commercial success following its own strategic transition.”

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