Luso-Angolan group Newshold closes two newspapers in Portugal

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Luso-Angolan group Newshold closes two newspapers in Portugal

7:29 CAT | 01 Dec 2015

In file Club of Mozambique

The Luso-Angolan group Newshold will no longer be a shareholder of the newspaper “i” and the weekly newspaper “Sol” two Portuguese news outlets that will undergo a significant process of restructuring, reported the Portuguese company.

The decision taken by the group led by businessman Álvaro Sobrinho, former president of the defunct Banco Espírito Santo Angola, stems from the high losses incurred by the two newspapers, which in 2014 amounted to 4.4 million euros by “sol” and 3.8 million euros by “i”.

Portuguese financial daily Jornal de Negócios reported that there were plans to set up a new company that would own both newspapers and create a single newsroom, with about 60 people, which would mean laying off two-thirds of current employees of the group, or more than 100 people.

The decision was announced Monday in a plenary of workers, with the closure of the publications scheduled for 15 December.

Figures from the Portuguese Association for Print Run Control (APCT) for the fourth quarter of 2015 indicated that “i” had an average circulation of 11,902 copies and sales of 4,961 and “Sol” printed 47,194 copies of which it sold 21,260.

Source: Macauhub