New London daily newspaper City AM launches

Dominic Ponsford
London’s first new daily newspaper since Metro has hit the streets weeks before it was expected.
City AM was given away at every underground,
railway and Docklands Light Railway station in City of London and
Canary Wharf on Monday. And it has billed itself as “the world’s first free daily
business newspaper”.
With a claimed launch budget of £10 million and
an editorial staff of 50, the new daily looks set to be a serious
contender for London readers.
The first edition was 24 pages in full colour and
was heavy on news. The splash revealed that John Malone’s Liberty
Global is interested in buying TV company Flextech for £1 million.
And page three revealed that Rupet Murdoch’s New Corporation media
empire has made an approach to buy the website Friends Reunited.
Elsewhere in the book there is a double page
spread of figures including key London share prices, stock market
levels and exchange rates.
And at the back there is a page of leisure, a page of reviews, TV listings and a two-page sport section.
Editor David Parsley said: “London has a clearly
defined business and financial village. The Square Mile, Canary Wharf
and other areas around Central London make up City AM’s parish, whose
residents are some of the most intelligent and wealthy members of
“Our readers are the most affluent of any British
newspaper, earning almost twice the national average and City AM will
have plenty of hints on how to spend their spare cash.
“This paper is interested in the people behind
the deals, the names not usually seen in newspaper coverage. We will
celebrate our readers’ success by including as many of the business
world’s dealmakers as possible in each edition.”
Early indications from one distribution point,
Bank tube station, indicated that only about one in ten commuters were
picking up City AM. And the fluorescent jacket wearing distribution
agents were difficult to distinguish from those giving away various
free magazines to commuters like Ms London.
The initial print run of City AM is 60,000 distributed by hand and in



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