UPDATE 14:45: Tindle Newspapers have made contact with Press Gazette to clarify that South London Press had lost over £500,000 in ad revenue – not total losses – in the last two years as the result of Lambeth Council launching its own newspaper.
Seems there was a misunderstanding between Tindle and and ITV (which has since removed the video from its website).
The publisher wanted to make clear the South London Press was in profit.
Our earlier piece stated:
Ray Tindle, owner of Tindle Newspapers, revealed at the end of last week that the South London Press has lost more than £500,000 in the two years since it was bought by his firm.
The veteran newspaper owner told an ITV London Tonight programme looking at the effects of council-run titles the Press had been losing circulation and ad sales as a result of the fortnightly council-published Lambeth Life, which is distributed free to residents.
Tindle bought the Press from Trinity Mirror along with 26 other titles for £18.75m in August 2007.