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The Evening Standard has announced plans to replace its daily newspaper with a weekly edition as the lossmaking London freesheet struggles with changes to commuter habits.
A memo to staff at the business, which is co-owned by Russia-born businessman Lord Evgeny Lebedev, said it planned to consult on the launch of a weekly newspaper that would “replace the daily publication”.
It said shorter commuting weeks and the spread of WiFi on public transport routes made “evolution a prerequisite of viability”, adding that “the substantial losses accruing from the current operations are not sustainable”.
The outlet would also consider options for retaining its ES Magazine with reduced frequency as well as a proposed new commercial approach to “reinforce the relationship between our 24/7 digital platforms and our weekly publication”, according to the internal announcement seen by the Financial Times.
According to the memo, this would enable the Evening Standard to “place more emphasis on delivering our world-class content to the broadest readership possible”. It added that the proposals and any impact on staffing were subject to a consultation process.
The newspaper said that although the “process may be unsettling”, its goal was to replicate the success of sister title The Independent, which it said had experienced “enduring growth” in readership and commercial success following its own strategic transition in 2016.
The Evening Standard did not immediately respond to a request for comment.
It reported a pre-tax loss of £16.4mn in the 12 months to October 2022, according to its most recent accounts on Companies House, up from a £14.4mn loss in the previous year.
In filings with Companies House in August 2023, the newspaper said shareholders had agreed funding to the company of £14mn in the 2022 financial year, and a further £15mn after year-end, while majority shareholder Lebedev had also confirmed his “ongoing commitment to provide adequate funding”.