Page 472 - The Case Lab Book
P. 472
said it had no plans to cut jobs at the company and would
instead invest in content.
With such assurances the sale also had the backing of
Scotland’s top politicians. In particular the government saw
regional press as important and regulators were 'relaxed'
about consolidation. Scottish editions of right-wing unionist
newspapers headquartered in London are more popular in
Scotland than its own indigenous papers despite the fact that
this is a nation now dominated by left-wing voters who
support independence and the SNP.
In 2007 JP’s share price peaked but thereafter declined rapidly.
By 2009 JP’s share price had halved from its 2007 peak of 491
pence to 250 pence as investors took fright when the
advertising market stalled. The unwinding credit crunch and the
financial downturn ensured that there would be little chance of
its recovery.
