Roy Greenslade has a full examination of the Awful truth of the lost-making Press Gazette. He gives details of a report commissioned by Associated Newspapers and the Telegraph setting out the dire financial situation and the stewardship of Matthew Freud and Piers Morgan.
This includes Â£15,000 taken by Freud for bottles of Chateau Lafitte from his cellar for the entertainment of a group of editors. However, Freud does seem to have lost close on Â£1million.
For more detail you will have to read Greenslade’s post. I have another concern: the future of the Press Gazette’s Student Journalism Awards.
These awards have become an important event which recognises the achievements of the young people who are coming into the business. Over the past few years they have demonstrated the ability and commitment of some very good journalists at the time when they are seeking their first jobs.
These awards are for those studying journalism and in no way replicate the Guardian awards which are for student publications produced, in the main, by student unions.
This year Camelot which has been the sponsor for several years was joined by Reuters which hosted the awards ceremony at its new Canary Wharf headquarters. Whatever happens to the Press Gazette these prizes should be kept going.
Constributions by editors, equivalent to the value of Freud’s wine which they enjoyed, would probably be enough to organise the event for another year.