Johnston Press - Statement

Part of the debate – in the House of Lords at 6:47 pm on 19th November 2018.

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Photo of Viscount Younger of Leckie Viscount Younger of Leckie Lord in Waiting (HM Household) (Whip) 6:47 pm, 19th November 2018

The noble Baroness is right that the Cairncross review will not be reporting until next year, but she may be reassured by the very fact that JPI is rescuing Johnston Press—as she will know, this is a consortium made up of GoldenTree, Fidelity and two other quality fund managers—and has pledged, crucially in thinking of the Yorkshire Post and the other 199 publications, to put £35 million into the pot to aid the move to digital. This is the way forward. These publications have to move and take note of the changes in the marketplace, and this £35 million will be crucial in enabling that change, which will in turn aid the transfer of advertising back to these newspapers. In addition, as I mentioned earlier, the injection of £135 million to reduce the debt is clearly a step in the right direction. This is just the beginning step—there is much more to be done—but it is a good first step.