Johnston Press
Debate between Lord Garnier and Viscount Younger of Leckie
Viscount Younger of Leckie
The noble Baroness is right that the Cairncross review will not be reporting until next year, but she may be reassured by the very fact that JPI is rescuing Johnston Press—as she will know, this is a consortium made up of GoldenTree, Fidelity and two other quality fund managers—and has pledged, crucially in thinking of the Yorkshire Post and the other 199 publications, to put £35 million into the pot to aid the move to digital. This is the way forward. These publications have to move and take note of the changes in the marketplace, and this £35 million will be crucial in enabling that change, which will in turn aid the transfer of advertising back to these newspapers. In addition, as I mentioned earlier, the injection of £135 million to reduce the debt is clearly a step in the right direction. This is just the beginning step—there is much more to be done—but it is a good first step.
Lord Garnier (Con)
My Lords, I share the noble Lord’s nostalgia for the many titles that our local communities and regions used to enjoy reading, as does the noble Baroness on the Liberal Democrat Benches, but may I caution my noble friend not to commit the Government to investing huge sums of taxpayers’ money, whether it comes from Facebook or other media platforms, in a product which the public is increasingly not reading? My noble friend’s point about investing in online local media outlets is the one that we need to concentrate on, and if public money is to be spent on this exercise, surely that is where it ought to be spent. Young people do not read print national newspapers, let alone local newspapers, so surely we need to concentrate on the future offerings of the media world rather than, sadly, the many forms of local newspaper that we so much enjoyed in our youth.
Viscount Younger of Leckie
I thank my noble and learned friend, who makes some good points. First, as I said, the move to online is happening, it is inevitable and it is fair to say that a lot of young people only go online. But it is also important that the transfer for local newspapers from paper form to online is effected in a measured way that does not lead to the sudden putative loss of jobs that might have happened if JPI had not stepped in for Johnston Press. I also take note of his point that it is very important that any government money should be put into a long-term future. We await the results of the Cairncross review, which will be looking at all aspects of this, including the online focus.