NUJ general secretary Jeremy Dear has a farewell jibe for departed Johnston Press chief executive Tim Bowdler, who is to become chairman of the PA Group and was pictured in a sporty convertible above an interview in The Sunday Times business section on Sunday.
Dear says on his blog:"It was nice to see former Johnston Press boss Tim Bowdler driving off in his flash car and admitting to mistakes in an article in The Sunday Times - at least he'll be alright even if loads of his journalists face a miserable year having been sacked or facing redundancy."
Showing posts with label Tim Bowdler. Show all posts
Showing posts with label Tim Bowdler. Show all posts
Tuesday, January 6, 2009
Sunday, January 4, 2009
Asset sales likely for Johnston Press claims Sunday Times in Tim Bowdler exclusive
Asset sales are likely for debt-burdened Johnston Press, the Sunday Times claims today in an article featuring an exclusive interview with the newspaper group's outgoing chief executive Tim Bowdler.
The piece by James Ashton concludes that Bowdler bit off too much in 2005 when Johnston spent £475 million to expand into Scotland and Ireland, buying The Scotsman and Belfast News Letter.
Ashton notes that Johnston, the UK's second largest regional newspaper group, has debts of £465 million and a market value that has dropped to £77 million. Johnston Press has always denied stories that The Scotsman or the Yorkshire Post are up for sale. But Ashton's article states: "If trading deteriorates, Johnston could breach its banking covenants. A debt-for-equity swap is not impossible, asset sales are more likely to give it breathing space."
As for a possible merger with Trinity, which The Scotsman has reported is lobbying for a relaxation of the takeover rules, The Sunday Times article states: "It makes geographic sense but Trinity's pension fund deficit is enough to kill any desire for a deal now."
Bowdler is succeeded at Johnston Press by John Fry tomorrow and is to become non-executive chairman of the Press Association Group.
The piece by James Ashton concludes that Bowdler bit off too much in 2005 when Johnston spent £475 million to expand into Scotland and Ireland, buying The Scotsman and Belfast News Letter.
Ashton notes that Johnston, the UK's second largest regional newspaper group, has debts of £465 million and a market value that has dropped to £77 million. Johnston Press has always denied stories that The Scotsman or the Yorkshire Post are up for sale. But Ashton's article states: "If trading deteriorates, Johnston could breach its banking covenants. A debt-for-equity swap is not impossible, asset sales are more likely to give it breathing space."
As for a possible merger with Trinity, which The Scotsman has reported is lobbying for a relaxation of the takeover rules, The Sunday Times article states: "It makes geographic sense but Trinity's pension fund deficit is enough to kill any desire for a deal now."
Bowdler is succeeded at Johnston Press by John Fry tomorrow and is to become non-executive chairman of the Press Association Group.
Friday, January 2, 2009
Tim Bowdler bows in as PA Group chairman as John Fry takes over at Johnston Press
Tim Bowdler, the outgoing chief executive of Johnston Press, is to be the new non-executive chairman of the Press Association, it was announced today. Bowdler takes over the chairmanship from Paul Potts, who has been PA's chairman and chief executive since the retirement of Sir Harry Roche as PA non-executive chairman last May. Potts remains chief executive.
John Fry, the chief executive of Archant, is the new chief executive of Johnston Press and starts his new post on Monday.
This year is likely to be a challenging one for the PA Group as many of its regional customers, not least Johnston Press, face financial pressures caused by falling ad and circulation revenues and competition from the internet.
John Fry, the chief executive of Archant, is the new chief executive of Johnston Press and starts his new post on Monday.
This year is likely to be a challenging one for the PA Group as many of its regional customers, not least Johnston Press, face financial pressures caused by falling ad and circulation revenues and competition from the internet.
Tuesday, December 9, 2008
Show us where the web money will come from before our regional papers are ruined
I was interviewed about the future of newspapers by Chris Vallance on the BBC's Radio 4 PM programme today and argued that local papers were part of the fabric of communities, like pubs and churches, and could not be replicated by a lot of fragmented websites.
It is my view that there is no obvious substitute for a well run newspaper news desk with some enthusiastic reporters who get out and about, make contacts and whose copy is handled by experienced subs.
My new media friends say there is no reason why websites cannot be as professional as traditional newspapers, it is just news content on a different platform. But there is a big but. Online ad revenues are too thin to pay for a decent sized editorial staff and web users are not prepared to pay a subscription.
Also on the PM programme was Robert Andrews, editor of paidContent:UK, who made a good point, which didn't make it on air, when we were discussing the difficulty of getting young people to pay for news. He said their attitude to news was the same as to music where sales have been hit by file sharing and illegal downloading. As well as getting their music free, the young are used to getting news for free on the internet. The latest email to subscribers to The Word magazine carries this quote. "The most common format of music on an iPod is "stolen" - Steve Ballmer, Microsoft.
Before newspapers are cut to the bone, closed or merged could someone please tell us where the money is going to come from to produce worthwhile editorial on the web which comes anywhere close to that provided, up to now, by regional newspapers.
Long edits of the interviews for the PM programme can be heard here and include Johnston Press chief Tim Bowdler stating that the closure of a local paper would leave "a gaping hole in the social fabric of the U.K."
It is my view that there is no obvious substitute for a well run newspaper news desk with some enthusiastic reporters who get out and about, make contacts and whose copy is handled by experienced subs.
My new media friends say there is no reason why websites cannot be as professional as traditional newspapers, it is just news content on a different platform. But there is a big but. Online ad revenues are too thin to pay for a decent sized editorial staff and web users are not prepared to pay a subscription.
Also on the PM programme was Robert Andrews, editor of paidContent:UK, who made a good point, which didn't make it on air, when we were discussing the difficulty of getting young people to pay for news. He said their attitude to news was the same as to music where sales have been hit by file sharing and illegal downloading. As well as getting their music free, the young are used to getting news for free on the internet. The latest email to subscribers to The Word magazine carries this quote. "The most common format of music on an iPod is "stolen" - Steve Ballmer, Microsoft.
Before newspapers are cut to the bone, closed or merged could someone please tell us where the money is going to come from to produce worthwhile editorial on the web which comes anywhere close to that provided, up to now, by regional newspapers.
Long edits of the interviews for the PM programme can be heard here and include Johnston Press chief Tim Bowdler stating that the closure of a local paper would leave "a gaping hole in the social fabric of the U.K."
Friday, December 5, 2008
Johnston Press latest to impose pay freeze
There was more bad news for regional newspaper journalists today with another of the big four newspaper publishers imposing a pay freeze. Johnston Press is following Newsquest and Trinity Mirror in telling journalists there will be no pay rise in the New Year.
The NUJ immediately accused Johnston Press of acting in "bad faith" and claimed it was reneging on two and three year pay deals already agreed. It described the mood of Johnston journalists as "angry".
HoldtheFrontPage, part owned by Johnston Press, reports today: "The company said that, as a result of the continued severe downturn in advertising markets, 2009 basic salary reviews will be deferred for a period of six months for all employees. Journalists at JP titles were told of the move in a company memo circulated this morning."
Chief executive Tim Bowdler is quoted as saying: "Regrettably, in the light of falling revenues and continued uncertainty, this decision is necessary to help safeguard the future of our companies. In six months' time, we hope our operating companies will be in a better position to determine the impact of the recession and to decide whether or not a salary increase can be afforded."
NUJ general secretary Jeremy Dear said: "Our members simply don’t accept that they have to pay the price for corporate failure. It’s incomprehensible that a company which made operating profits of over £178 million last year can’t now afford to keep promises to its staff. The bad faith being shown by the company is unbelievable.
"We’ll be consulting our members about how they want to respond to the announcement, but anger is already running high so the prospect of action can’t be ruled out."
The NUJ immediately accused Johnston Press of acting in "bad faith" and claimed it was reneging on two and three year pay deals already agreed. It described the mood of Johnston journalists as "angry".
HoldtheFrontPage, part owned by Johnston Press, reports today: "The company said that, as a result of the continued severe downturn in advertising markets, 2009 basic salary reviews will be deferred for a period of six months for all employees. Journalists at JP titles were told of the move in a company memo circulated this morning."
Chief executive Tim Bowdler is quoted as saying: "Regrettably, in the light of falling revenues and continued uncertainty, this decision is necessary to help safeguard the future of our companies. In six months' time, we hope our operating companies will be in a better position to determine the impact of the recession and to decide whether or not a salary increase can be afforded."
NUJ general secretary Jeremy Dear said: "Our members simply don’t accept that they have to pay the price for corporate failure. It’s incomprehensible that a company which made operating profits of over £178 million last year can’t now afford to keep promises to its staff. The bad faith being shown by the company is unbelievable.
"We’ll be consulting our members about how they want to respond to the announcement, but anger is already running high so the prospect of action can’t be ruled out."
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