The following internal memo was sent to staff this morning by Paul Kanareck, interim CEO at the Standard:
Announcement of proposed plans to reshape the business to secure the long-term future of the number one news brand in London
Our audience is among the most connected, discerning, and diverse in the world and we are proud to have served them for almost 200 years. Doing so has required continual evolution to ensure that we anticipate and meet their demands.
Shorter commuting weeks, widespread Wi-Fi along our commuting routes and the desire for our readers to consume ever-richer content across a variety of platforms and devices, all make evolution a prerequisite of viability. The substantial losses accruing from the current operations are not sustainable. Therefore, we plan to consult with our staff and external stakeholders to reshape the business, return to profitability and secure the long-term future of the number one news brand in London.
In this process, we will consult on the launch of a brand-new weekly newspaper later this year and consider options for retaining ES Magazine with reduced frequency. A proposed new weekly newspaper would replace the daily publication, allowing for more in-depth analysis of the issues that matter to Londoners, and serve them in a new and relevant way by celebrating the best London has to offer, from entertainment guides to lifestyle, sports, culture and news and the drumbeat of life in the world’s greatest city.
Alongside the weekly newspaper, a proposed new commercial approach would reinforce the relationship between our 24/7 digital platforms and our weekly publication. The Standard has the highest growing reach of any quality news brand and a monthly UK audience of 12m people, with over half of its total traffic coming from outside London and overseas.
This new combination would place more emphasis on delivering our world-class content to the broadest readership possible, while collaborating with advertisers to reach this audience in the most accessible, creative, and relevant manner.
These proposals and any impact on staffing are subject to a consultation process for which the People team will send further details. You can also raise any questions you have with the People team and further details on this will be provided in due course.
We will be communicating directly with our suppliers and customers in relation to any changes. Please forward all external enquiries, including media, to your line managers who can collate these and provide feedback after consulting with management.
Although, this process may be unsettling, our goal is to replicate our previous success with our sister title, The Independent, which has seen enduring growth in readership and commercial success following its own strategic transition in 2016.
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