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July 27 2011

14:20

Pan-European publisher Mecom reports pre-tax loss of £9.7m in first half of year

Guardian :: Mecom has reported a pre-tax loss of €11m (£9.7m) in the first six months of the year, as its flagship Dutch business and Polish operation both suffered worse-than-expected double-digit print advertising revenue declines. The company, which also has newspaper operations in Denmark and Norway, announced its first dividend since going public in 2005 with a €5.5 per share interim payment to shareholders.

Continue to read Mark Sweney, www.guardian.co.uk

September 10 2010

09:00

Reuters: Newspaper chief Montgomery “forced out” of publishing group

Former News of the World editor David Montgomery has announced he will retire from Mecom the European publishing group he founded in 2000, after coming under pressure from shareholders to quit.

According to a report by Reuters current CEO Montgomery will leave the company – which owns more than 300 printed titles and 200 websites – in January in response to the concerns of shareholders who are “fed up with ongoing high debt levels and falling sales”.

Montgomery slashed costs and jobs as he sought to drive his local-newspaper businesses in the Netherlands, Denmark, Norway and Poland into the digital age in the face of the industry’s worst-ever recession.

In a statement on Mecom’s website confirming Montgomery’s move the chief executive was said to have the “complete confidence of the board”. It added that a search process will be conducted by the board to find his successor.Similar Posts:



January 27 2010

12:12

Kristine Lowe: Time to support David Montgomery?

At the weekend, the Sunday Times reported that Mecom CEO David Montgomery faced an investor rebellion.

Kristine Lowe, who has followed the activities of Mecom (which owns 300 newspapers) since its early days, shares her thoughts on her blog, linking into content elsewhere.

“My hunch is that it’s [the rebellion] nothing to cheer for,” she says.

“[I]f we look at the objections against his leadership brought forth after last year’s revolt, and Mecom’s continuing poor stock market performance this year, it seems to me that the man who gained a reputation as such a brutal cost-cutter during his Mirror-days is simply not a brutal enough cost-cutter for the investors in question.

She also notes that örsen, the Danish financial daily, is reporting that Mecom shareholders are disappointed that share prices have not improved more.

Full post at this link…

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January 15 2010

12:44

MediaGuardian: Mecom pushes ahead with niche paid content

David Montgomery’s Mecom newspaper group will put niche, specific content at the heart of its plans to charge for news online.

Montgomery, who said he is confident that a carefully planned digital strategy could make up for the a predicted shortfall in print ad spend, said its new online paid content strategy would not focus on charging for general or international news.

Full story at this link…

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