The chief executive of Johnston Press has told a national newspaper that the company could drop the ‘Press’ from its name.
In an interview with The Sunday Times Ashley Highfield also said that the regional newspaper publisher may surrender part of the company to the banks so that it can secure a life-saving loan.
It is claimed in the article that as part of a refinancing deal, the publisher’s creditors could end up with the right to buy a stake in the company. Creditors include the Royal Bank of Scotland and Lloyds Banking Group.
The company last week announced that its annual results for 2011 would be postponed for three weeks until 25 April.
The delay is due to the need to conclude agreements on a three-year extension of the company’s credit facilities.
These are due to expire in September and JP is keen to ensure the extension is put in place before the results are announced.
The Times’ interview saw Ashley Highfield hint that the company name could be changed to ‘Johnston’, after referring to the company by that name in one of his answers.
The company which is switching to a digital first strategy intends to sell apps bundled with subscriptions to attract new users.
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So………problem solved then! Excellent thinking.
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drop the “t” and I’ll be on board.
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What a sparklingly brilliant move. They should also drop the “ston” and just be known as “John”. Catchy,
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What about J-Press? Much more down with the kids.
Readers and advertisers will come flooding back………………..
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The plan is to change the name and hope the banks won’t notice. Start again with no loans. Brilliant.
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I’m all for innovation or die but this looks more like capitulation and suicide. Years of taking the Local out of local press and now they are going to finish the job by removing Press as well.
Web first, web everything and then we’ll just knock out a weekly newspaper to keep the advertisers quiet…can’t possibly fail, can it?
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I see sense in dropping letters to make name catchier but would be an advocate of dropping the j, h, n, o and p.
That leaves ‘Oh Stress’
Perfect
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As a JP Employee – I have long since thought of myself as a member of the press. Anyone coming on board now needs to accept this is a delusion of grandeur and embrace the opprtunity to become an expert press release re-writer.
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