News International’s London freesheet thelondonpaper is to close next month with the possible loss of 60 jobs.
Since launching in 2006 the paper has achieved a circulation of 500,348, however it made a pre-tax loss of £12.9 million in the year ending June 29th on a turnover of £14.1 million.
Announcing the move James Murdoch, chairman and chief executive, Europe and Asia, News Corporation, said: “The team at thelondonpaper has made great strides in a short space of time with innovative design and a fresh approach but the performance of the business in a difficult free evening newspaper sector has fallen short of expectations.”
“We have taken a tough decision that reflects our priorities as a business.”
In a statement issued Thursday afternoon, Mayor of London Boris Johnson said he hoped “there will continue to be a fine tradition of vigorous, unpartisan journalism in this city.”