A new business newspaper, the London Business Daily, will be launched in London later this year and be distributed free to commuters traveling on the city’s public transport, its editors said on Sunday.
It is the brainchild of Lawson Muncaster, a former executive of the Swedish firm Metro International, which publishes 57 daily newspapers in 18 countries but does not yet have a foothold in Britain.
The daily targets a market dominated by The Financial Times, the respected salmon-coloured newspaper that sells in Britain and abroad.
Free newspapers are one of the fastest-growing areas for publishers, with advertisers attracted by the ability to reach a wide audience across all ages and political persuasions.
London Business Daily will be edited by David Parsley, a former Sunday Express business editor who is currently recruiting an editorial team.
Initial funding has been secured through Scottish institutions and the company is now negotiating second-round funding with venture capital firms.
”London’s business community has never been fully catered for. By launching London Business Daily at the end of this year, we aim to fill this gap in the market,” said Muncaster, the managing director.
”We are in the process of building a strong editorial and commercial team and are in discussions to secure secondary funding which will facilitate our launch,” he said. – Sapa-AFP