There is, newspaper editors say openly, “a chill”. Which means that print advertising (among other promotional varieties) has had a lousy few months. And why is that so? Because – one reason among several – of pre-referendum uncertainty. The Bank of England expects sterling to tumble further if we leave. The chill won’t warm up in a trice.
What does that mean for property developers in the Barclay brothers category? Fewer hotels to be built, fewer office blocks, fewer plush apartments. For the Daily Mail? Watch Euromoney’s fortunes (down 6% already) droop further. Watch business-to-business events decline when there’s much less business.
And for News Corp and News UK? The newspaper half of the Murdoch empire is finding it tough. It reported a $128m loss in the third quarter: a special-item hit, to be sure, but with overall revenues down $100m year on year. Print is a problem: ads are a problem: currency is a problem because money flows into the States, not out.
That won’t affect papers like the Sun, too totally tied in to switch. But many observers predict that the Telegraph, after giving the Leave camp an extended shout, will vote to stay. And as for Murdoch, Rupert himself has long held that the Anglo-American relationship is his bedrock of belief. But in the age of Trump, when isolationism, scorn and insurrection rule? There’s still a lot to play for.
