The publisher behind the paper that few under 30 year olds will admit to reading is considering selling one of its titles.
Daily Mail Group Trust (DMGT), publisher of the Daily Mail, is seeking to dispose of the free urban newspaper Metro for just under £40m.
This announcement comes after CEO Paul Zwillenberg had mooted the possibility of selling a group title, if the right price can be found, shortly after his appointment last year.
Print media has been suffering from a longterm sales decline, a drop in advertising revenue and a change in consumer behaviour.
Metro in particular relies upon commuters.
They are its core demographic. But these readers are increasingly turning away from print media and instead using their smartphones and tablets. This is not only more convenient but online sources are often more up to date than a printed format which features yesterday’s news.
This downward trend caused the paper to lose over 10% in revenue last year. And a weak pound has caused the cost of imported paper to soar, taking a chunk out of Metro’s operating profits.
For DMGT as a whole, it looks like the future is America and online: Daily Mail Online is beginning to attract advertisers’ attention across the pond, and has posted impressive revenue increases as a result.