Media industry magazine Press Gazette faces closure after those previously reported attempts to put together a consortium of newspaper owners who would form a trust that would fund the title failed. Associated Newspapers and Telegraph Media Group were leading the efforts to form such a trust, an idea devised, if I remember rightly, by the magazine's editor after current owners Matthew Freud and Piers Morgan put the title into administration.
But two major players in the newspaper sector, News International and Guardian News & Media (the latter of which, of course, already owns its own popular media news magazine and website), yesterday said they weren't interested in participating, despite a report by former industry exec Roger Eastoe suggesting the Gazette could become a going concern under a Trust ownership.
With two major players resisting, the Trust proposals cannot proceed, meaning the future of the title now lies with the company's administrator - Robert Allen of Vantage Corporate Restructuring. Which possibly means those media types are going to have to find a new source of media news. If only there was a free daily music business e-newsletter which including all the key media stories of the day.