Two Jewish British newspapers, The Jewish Chronicle and Jewish News, have decided to close after their parent company ran out of money amid the coronavirus pandemic which is devastating the media industry.
Both newspapers posted statements on their websites on Wednesday saying their boards have decided to seek a creditors voluntary liquidation and that it has become clear that the two publications will not be able to survive the impact of the current coronavirus epidemic in their current forms.
“The liquidation is expected to be finalized in the coming 2 to 3 weeks and every effort will be made to ensure that the paper continues to be published over this period and the website continues to provide regular updates,” said the statement.
In February, TheJewish Chronicle agreed to merge with the Jewish News in an effort to secure the financial future of Jewish media in the UK, noted The Guardian. The deal had yet to be finalized, but sources said both outlets were effectively being treated in the same manner with staff laid off.
The timing is particularly grim for staff as it comes just before the Passover holiday.
The Guardian notes that a collapse in print sales and advertising revenue is hitting news outlets hard, with many local and independent newspapers facing severe financial strains.
News outlets that rely heavily on print revenue have been hit particularly badly, with people not going to shops to buy copies and advertisers cutting back, leading to warnings that many outlets will close.
(Arutz Sheva’s North American desk is keeping you updated until the start of Passover in New York. The time posted automatically on all Arutz Sheva articles, however, is Israeli time.)