Lawson Muncaster, the managing director of City AM, expressed the need to embark on the next chapter of the publication’s story as London rebounds from the pandemic. With its position as a local paper at the heart of the financial universe, City AM is well-suited to expand into new areas and capitalize on the evolving media landscape to generate additional revenue streams.
City AM is currently 50% owned by a consortium of Dutch investors, while Muncaster and CEO Jens Thorpe each hold 25% ownership. The decision to put the publication up for sale underscores the impact of remote working on the business. City AM heavily relies on print advertising that targets its affluent commuter readership. Recognizing this shift in work dynamics, the publication has launched campaigns aimed at encouraging workers to return to the office.
Despite the success of its current business model, which involves publishing from Monday to Thursday, City AM continues to face challenges due to substantial debt resulting from the pandemic. Its net liabilities amounted to £1.6m in 2021, as indicated by the latest available accounts. Additionally, City AM, alongside competitors like the Evening Standard and Metro, has had to confront rising newsprint and distribution costs. Frequent train and Tube strikes have also negatively impacted commuter numbers, leading the publication to extend its print shutdown over the Christmas season into January.
In response to changing work habits, City AM has adjusted its business model by distributing in commuter hotspots beyond London and ceasing its Friday print edition. The Thursday edition has been expanded to include more coverage related to sports and lifestyle. The publication has gained credibility by enlisting notable figures such as Sky News City editor Mark Kleinman, Ryder Cup-winning golfer Sam Torrance, and former England footballer Trevor Steven to write columns.
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