Story #49 Newspaper business model ‘broken’, says Celtic Media chief
As the article states, the business model for local newspapers is “broken” and the future of Celtic Media's place as a newspaper producing company is not looking good. Chief executive of Celtic Media quotes “The reality is we are faced with a broken business model for local newspapers and, dare I say it, newspapers,”. Robert Pitt, chief executive of Independent News and Media, states that there had been a 62 per cent decline in print advertising revenues in the Irish newspaper industry since 2007 as well as a 39 per cent decline in circulation volumes over that period. Redundancies continue to occur across the industry. Mr Mulrennan, a former business editor of the Irish Independent, led a management buyout of Celtic Media when it went into receivership in 2012. He is its largest shareholder, while 25 per cent of the equity is held by its editors and sales managers.
- 62% decline in print advertising revenues in the Irish newspaper industry since 2007
- Celtic Media's has 25% of it's equity held by their editors and sales managers
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