UK media: Telegraph editor leaves, Guardian sells Auto Trader stake
Surprise departure of Tony Gallagher as Telegraph Media Group looks to boost digital business
The UK’s Daily Telegraph said on Tuesday its editor Tony Gallagher has stepped down, as the newspaper looks to restructure in a bid to better embrace digital publishing.
Rival newspapers said Gallagher had been sacked, in move said to have shocked colleagues at the daily newspaper.
Murdoch MacLennan, Chief Executive of the Telegraph Media Group, said the title needs to focus more on digital publishing.
“Unlike our rivals, The Telegraph remains profitable but we face increasing pressure on circulation and advertising revenue streams,” MacLennan said in a statement quoted by Reuters. “To protect the Company's future, we need rapidly to embrace and adapt to the new digital world in which our customers live.”
Gallagher had held the post at the daily newspaper since 2009.
In another move, the publisher of the Guardian newspaper said yesterday that it is selling its 50.1 percent stake in Trader Media Group, which owns the Auto Trader car classifieds service.
Guardian Media Group (GMG) said the stake will be sold to private equity firm Apax Partners.
“On completion, the sale proceeds will strengthen our balance sheet and position us for further investment and growth in our core business,” GMG chief executive Andrew Miller said, according to The Associated Press.
(With Reuters and The Associated Press)