Murdoch closes London free newspaper
Media mogul Rupert Murdoch apparently means business when it comes to monetizing journalistic content in the future. The London Paper, a free newspaper founded in 2006, is set to be shut down in order to cut costs and shift focus to the online business.
The American media group News Corp has announced that the free newspaper The London Paper, which was founded in 2006, is about to be closed down in order to save costs and to shift its focus to the internet business, according to an article in the FAZ. Media mogul Rupert Murdoch is clearly serious about making money from journalistic content in the future. The development of the business has fallen short of expectations, Murdoch's son James, CEO for Europe and Asia, explains the decision. Last year, the paper posted a pre-tax loss of almost 13 million pounds, according to Nzz.ch. The last edition will be published on September 18, 2009. In addition to local news, the Abendzeitung mainly covers sports and celebrity topics.
