Independent Communications Network Limited, ICNL, publishers of TheNEWS/P.M.News has finally shutdown the print publication of the evening newspaper, P.M.News and Weekly Magazine, TheNEWS.
It was gathered that the decision was taken after series of meetings between the management, managers, editors and staff of the company.
According to the Managaging Director of ICNL, Bayo Onanuga, “print media has gone down the drain worldwide; it consumes so much funds and making little profit.”
“Imagine printing 10,000 copies of P.M.News and end up selling 2,500 and 7,500 unsold returned to our store.”
TheNiche reported on June 23 that ICNL may only suspend the print production of the evening newspaper but report reaching us now says both the evening newspaper, P.M.News and the weekly magazine, TheNEWS have been suspended.
Both papers will now be fully online.
PM News, which was established in 1994 has been bogged by dwindling sales and financial constraint for years.
Among the titles the 21 year old publishing outfit has rested include Tempo, a weekly magazine; Tempo Football, another weekly football magazine; and AM News, a national daily.
The company also suspended its national sports newspaper, AM Sports in January 2012, barely four months after it was established in August 2011.
