It appears that the Press Gazette has been given another week's grace. Though the staff had been led to believe that today's issue would be the last to be funded under administration, it is now expected that the magazine will be published next week. This will allow time for a business plan drawn up by Roger Eastoe to be circulated to publishing groups. It sets out the investment necessary if the groups wish to join the industry consortium.
It is understood that the administrator - an accountant, Robert Allen of Vantage - originally demanded that buyers pay a price approaching £500,000 for the title. This was considered to be far too high by the consortium and, quite possibly, by trade buyers who also made inquiries. Negotiations over the price are doubtless continuing. Meanwhile, Eastoe has produced a mini-prospectus which will substantially reduce the running costs of the magazine which are thought to have ballooned during its proprietorship by a company largely owned by Matthew Freud and Piers Morgan.
A source close to the consortium said that it was believed that Press Gazette could be produced at a reasonable cost. Though it is accepted that the final composition of the consortium will not include every national and regional newspaper group, there is a belief that enough will sign up to make it a viable concern.
Of course, at any moment, a trade buyer could yet step in, especially if the administrator is persuaded to reduce the asking price. This is certainly more hopeful news for the staff. Have they found a bridge over the abyss into which they were staring earlier this week?
