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Don't have an account? Click here to register.Johnston Press reveals 360m pounds refinancing and 650 job cuts
Fri, 09th May 2014 09:56
Shares in Johnston Press lost a quarter of their value on Friday after the British regional newspaper publisher unveiled a 360m pounds capital refinancing to slash its 311m pounds debt pile and 650 job losses.The stock fell 6p to 18p as Johnston said it planned to raise the cash in a share placing, rights and bond issues and a new £25m loan.Johnston, which has 196 paid-for weekly newspapers and 198 local news and e-commerce websites as well as daily and free newspapers, said the move would help it cut its debt to about £197m and extend its financing arrangements to 2018 and beyond.Debt has risen to £311m from £302m at the end of last year as the group has embarked on a fourth quarter cost-cutting drive, including about 650 job losses, adding about £11m in restructuring costs.In a separate trading update, Johnston reported higher digital revenues and a slowing decline in print advertising revenue in the 17 weeks to April 26th.Newspaper circulation revenue continued to fall broadly in line with 2013 and adjusted group revenue fell year-on-year in mid-single digits, although it improved against 2013.The group also said it had done a deal with BSkyB under which Johnston would market its Sky AdSmart product to companies wanting TV advertising in specific local markets as well as in newspapers and online.Chief Executive Ashley Highfield said: "Although the economic outlook is not without challenges, the group continues to see momentum in the business, underpinned by re-structuring and re-focusing and an increasingly stable advertising market."PW
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3 Feb 2016 09:31
Johnston Press rallies on pension deficit reduction
(ShareCast News) - Johnston Press said the findings of the study it carried out to assess the liabilities of its pension plan are expected to reduce the present value of the media group's plan by around £50m. In addition, the company said that following a change to the scheme rules agreed by the tru
Read more3 Feb 2016 08:51
BUZZ-Johnston Press: best day in 3 yrs on pension deficit reduction
** Shares in "The Scotsman" publisher Johnston Press up more than 15 pct pension deficit cut by >50% ** Co undertook pension study to streamline the pension scheme ** Now expects to reduce deficit by c50 mln stg (deficit on Jan 3 2015 was 90 mln stg) ** Liberum says this shrink
Read more19 Jan 2016 14:48
Johnston Press to sell titles as digital focus intensifies
(ShareCast News) - As well as confirming profits in line with forecasts, local newspaper publisher Johnston Press said it may sell several of its non-core titles in order to focus on digital growth. The company, whose titles range from dailies such as the Scotsman and the Yorkshire Post to around 19
Read more1 Dec 2015 14:52
Johnston Press reorganises with central editorial team
(ShareCast News) - Johnston Press has appointed an editor-in-chief and created two publishing director positions as part of the local newspapers group's editorial restructuring process to "shift focus away from traditional geographic reporting lines". Yorkshire Evening Post and Yorkshire Post editor
Read more19 Nov 2015 10:06
BUZZ-Johnston Press: hits life-low as print, publishing revenues drop
** Johnston Press's shares fall as much as 14.4 pct to a life-low of 45.39p as co reports fall in print and publishing revenues, for 17-week period, due to weak advertising markets ** Co says print advertising revenue falls nearly 15 pct and publishing revenue by about 11 pct for the 17 wee
Read more19 Nov 2015 09:26
7 Oct 2015 10:43
Johnston Press closes more titles as it looks to cut costs
(ShareCast News) - Media group Johnston Press announced the closure of several print titles as it looks to cut costs and focus on its online expansion. The company said a number of its smaller free print titles have been closed, which will allow it to focus resources on its digital offering in those
Read more14 Sep 2015 10:34
UPDATE 2-UK's Trinity Mirror in talks to buy rival Local World
(Adds Local World no comment, analyst, background and detail; also updates shares) Sept 14 (Reuters) - Britain's Trinity Mirror Plc, publisher of the Daily Mirror and Sunday Mirror newspapers, is in talks to buy rival Local World Holdings Ltd as it attempts to build scale to help counteract
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