Britain’s Sunday Correspondent Newspaper Closes After 14 Months
LONDON (AP) _ The Sunday Correspondent, a weekly newpaper with national circulation, is folding after failing to find the investment needed to stay afloat, the paper’s management has announced.
The Sunday Correspondent, which includes the owner of the Chicago Tribune among major shareholders, was launched on to the crowded Sunday newspaper scene on Sept. 17, 1989 at a cost of $25.5 million.
But sales of the paper fell below the 350,000 figure needed to break even and last August shareholders pumped in another $19 million to keep it going.
The paper also switched editors in what it called ″the interests of the continued shareholder support″ and on Sept. 30 it changed from a broadsheet to a tabloid.
But the move failed to increase its share of the mass national readership in this nation of 57 million people and the paper’s chief executive, Nick Shott, said Tuesday night that its final circulation had fallen to 210,000.
The demise of the Sunday Correspondent leaves Britain with 10 national weekly Sunday newspapers.
Like its competitors and TV and radio stations, the paper has been hit by falling advertising revenue in Britain’s current economic recession.
Shott said the closure will mean the loss of about 200 jobs.