City AM breaks even | FT becomes Dragon's Den style investor
And why publishers should prepare for Facebook to switch off news altogether
Welcome to this week’s Future of Media newsletter from Press Gazette on Thursday 7 March 2024.
If only there was a way of transmitting news without all the pop-ups and distractions, which worked even in wifi dead spots and which offered a curated and satisfyingly finishable daily experience.
Of course there is and perhaps that’s why City AM, a free newspaper that launched in 2005 (probably the peak year for print news profitability), is still with us.
It only just survived the pandemic, and was bought out of administration last year by retail giant THG. City AM chief operating officer Harry Owen told us why the future is looking bright for the business news brand which is breaking even and back in growth.
Today we also report on another financial news success story, the FT, which is moving from publisher to investor with the launch of FT Ventures. The FT hopes to use its knowhow in publishing and information to become a Dragon’s Den style backer of growing companies and has £30m in initial stake money.
Our newest Press Gazette columnist David Buttle is director of platform strategy at the FT. He explains why developments in Australia mean publishers elsewhere should prepare for Facebook to stop supporting news altogether on its platform.
And with the jury still out on whether generative AI will save journalism or destroy it, we round up which publishers are suing the likes of OpenAI and which are taking cash from the tech giants.
New from Press Gazette
From administration to break-even: City AM after THG takeover
“The real opportunity now is to take this brand and nationalise it, because the content is relevant, and broaden the content.”
UK publishers should be ready for Facebook to switch off news altogether
Why recent events in Australia mean UK publishers should prepare to lose news on Facebook.
Why FT Group is investing £30m in new media and information companies
“We’re looking a bit broader across the entire information landscape, which is not just news – it’s business intelligence, it’s data… it’s more of a ‘how do you inform the world about something important, and what technology makes that more effective?’”
Who’s suing AI and who’s signing: Publisher deals vs lawsuits with generative AI companies
News publishers appear torn between litigating or negotiating when it comes to AI companies using their content to train Large Language Models such as ChatGPT. We round up who is doing what so far.
Press Gazette live
Our next event (fully booked) is a Media 100 breakfast with Independent chief executive Christian Broughton at The Gherkin in London on 14 March. See our full calendar of awards and events for news, media and publishing in the year ahead and find out how to get involved.
Must-reads this week from Press Gazette you might have missed
ICO calls for views on allowing UK publishers to tell readers: ‘consent or pay’
‘Internal memos of the upper class’: Gary Younge says journalism is out of touch
Dan Wootton leaves GB News, launches ‘major new free speech brand’ Outspoken
‘Responsible journalism’: Why UK publishers have not used Kate picture
News UK pulls the plug on linear TalkTV to focus on cross-platform video content
Reach results 2023: Revenue falls 5% as print outperforms digital
GB News losses up 38% to £42.4m giving channel total deficit of £76m since launch
Mehdi Hasan says new outlet Zeteo will be ‘all-singing, all-dancing media company’
Our latest podcast
Podcast 66: Online advertising – how publishers can survive a tsunami of change
Online advertising used to support investigative journalism at digital-native brands such as Buzzfeed News and Vice. In the space of just a few years everything has changed, and thousands of journalists have lost their jobs as a result.
Press Gazette editor-in-chief Dominic Ponsford talks to former Business Insider editor-in-chief Jim Edwards about what is going on and how publishers should adapt to an online publishing ecosystem which is being rocked by a tsunami of disruptive change.