Jul 29, 2019

Reach chief executive Simon Fox to leave newspaper group

The chief executive of UK newspaper group Reach, Simon Fox, will step down next month and be replaced by former Ladbrokes Coral boss Jim Mullen. Mr Fox will leave the UK's largest regional newspaper company on August 16, after seven years at the helm. Reach reported a profit in the first six months of the year but said that "Structurally challenged" advertising revenues continued to drop. Reach owns tabloid newspapers including the Daily Mirror and Daily Express, which it bought in 2018, but has also been the country's most prolific acquirer of regional and local titles in recent years, including the Manchester Evening News and about 100 titles as part of its 2015 buyout of Local World. Full-year profits last year were hit by a £200m writedown of Reach titles, such as the Liverpool Echo and the Manchester Evening News, which the company blamed on the tougher advertising climate arising from Brexit.

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