PA grows revenue and profit | Movement on Observer and Telegraph bids
And Women In Journalism launches campaign to stamp out kill fees and payment on publication for freelance journalists
More news is expected this week on Tortoise Media's bid for The Observer including details of James Harding's financial backers.
Meanwhile, Dovid Efune continues to assemble backers for his planned purchase of the Telegraph as he moves into a period of exclusive negotiation.
Changes of ownership aren't something which the UK's national news agency PA Media has had to contend with. It's always been owned by a consortium of publishers and today we report on the latest accounts which show how it has doubled revenue over the last ten years to £112m.
It joins the likes of FT Group and The Independent who have also reported strong figures for 2023.
PA has grown revenue and profit by diversifying away from its core news wire business and acquiring businesses in growing areas of media like streaming sport, content marketing and stock photography.
And your news diary for the week ahead includes the start today of the UK public inquiry into the 2018 Salisbury poisonings carried out by Russian agents.
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Why kill fees for freelances need to be killed off
New freelance guidelines for editors also advocate end to payment on publication.
News diary 18-20 October: UK investment summit, Lammy visits China, Novichok inquiry begins
A look ahead at the key events leading the news agenda next week, from the team at Foresight News..
News in brief
Patrick Healy, CEO of US private equity firm Hellman and Friedman, is reportedly among those looking to finance Tortoise Media's bid for The Observer. Sky News reports that billionaire Thomson Reuters heir David Thomson may also invest. (Sky News)
New York Sun owner Dovid Efune is expected to sign an exclusivity agreement this week giving him six weeks to reach a deal to buy The Telegraph. He is reportedly in advanced talks with about five large equity investors to finance it. (Financial Times)
Cuts to the BBC World Service are helping Russia and China broadcast "unchallenged propaganda" according to BBC director-general Tim Davie. "In this context, the further retreat of the BBC World Service should be a cause for serious global concern," he will say in a speech today. (The Guardian)
G/O Media is reportedly suing Paste Media, which acquired Jezebel and Splinter from it last year, in a debt or breach of contract case. (Adweek)
The Atlantic is increasing its print output from 10 issues to 12 per year, returning to a monthly publication for the first time since 2002. It is also expanding its reporting staff in health and the intersection of defence, tech and global conflict. (CNN)
Previously on Press Gazette
Guardian launches product recommendations earning commission on sales
Missing links: Upmarket UK newsbrands deny click-throughs to story sources
Former Observer editors voice ‘profound concern’ over proposed sale of title
Why Reach journalists are being asked to write up to eight articles per day
OpenAI exec rules out sharing revenue from SearchGPT with publishers, for now
Because we’re worth it: Why FT, Politico and Racing Post charge big for online news
AI challenge asks journalists to pitch for help to solve industry challenges (promoted)
Newsrooms 2.0: Why WordPress is taking over the industry (promoted)
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