Thursday, May 26, 2011

Morning Brief: Publisher of Daily Mail reports decline in newspaper revenue, but growth in B2B events; Condé Nast 1 World Trade Center lease pegged at $2 billion

Northcliffe Media, the British publisher of the Daily Mail, said advertising revenue performance in 2011 is suffering at its national and regional newspapers, but that B2B was performing strongly thanks to events.
"Despite continuing momentum within our B2B operations, we remain cautious about the outlook for the full year due to the volatile and uncertain market conditions faced by our UK consumer businesses," Reuters reported chief executive Martin Morgan as saying.

While ad revenue fell three percent at its national newspapers which include the Daily Mail, revenue fell nine percent at its regional papers, with operating income falling 35 percent despite staff layoffs.

Bloomberg put a number on that lease that Condé Nast signed with the Port Authority of New York and New Jersey: $2 billion.

That is what the magazine publisher will be paying to lease about 1 million square feet of space for its new headquarters at 1 World Trade Center.

“The entire landscape changes downtown forever,” Chris Ward, executive director of the Port Authority of New York and New Jersey, said at the press conference for the announcement.

"We hope Condé Nast, at long last united into a single building, will be the catalyst for the rebirth of the downtown area,” Condé Nast chairman S.I. Newhouse Jr. said.

After a decade in hiding from UN prosecutors, Ratko Mladic, accused of being responsible for the killing of at least 7,500 men and boys in Srbrenica in 1995, has been arrested. Serbian President Boris Tadic said Mladic will now face extradition to the international war crimes tribunal in The Hague.

According to the BBC, Mladic had been living under an assumed name in Vojvodina, a northern province of Serbia.