Following Tuesday’s revelation of a second-half loss at global business daily Financial Times [WAMN: 03-Mar-03], the inevitable makeover.
The Pearson-owned newspaper, which is printed in eighteen cities around the globe and until last year had one of the world’s fastest growing international readerships, made a loss in the second half of 2002. The shock result reflects a decline of 6% in average daily circulation over the past twelve months to 473,587 and a drop of 23% in ad revenues.
In addition to a major facelift for the paper’s flagship UK edition, a new Asian edition will hit the region’s newsstands this fall, joining the US edition in the FT’s international stable.
It will be run by John Ridding, currently the FT’s deputy editor, who will this summer take up the reins not only as editor/publisher but also a new role as chairman of Pearson in Asia. FT.com, the newspaper’s online service, will also introduce a new Chinese-language business service.
Meantime, at the FT’s London redoubt on Southwark Bridge, plans are afoot for a reshaping of the weekday paper to include expanded UK corporate and national news pages. The Saturday/Weekend edition will add a new magazine in April, filling the gap left by The Business supplement, axed last summer in a drive to cut costs
Hypes FT editor Andrew Gowers: “With these exciting plans we aim both to complete our establishment of a global network of reporters and editions and to go on the offensive in our vital UK market. This is the right time to invest in editorial quality and innovation and in the further strengthening of the FT brand at home and in the world at large.”
Data sourced from: BrandRepublic (UK); additional content by WARC staff