Press Gazette to go into administration

It's all companies closing down today, isn't it? Perhaps CMU should go into liquidation too - I mean, if it's the fashion. Anyway, the Guardian reports that the Press Gazette is going to go into administration today, and I think they're right, mainly because the Press Gazette are reporting it too. As previously reported, the newspaper industry trade weekly's main shareholder, PR man Matthew Freud, has let it be known he is no longer willing to bankroll the title, seemingly because the newspaper industry is considering setting up a rival awards event to that run by the trade mag, which has been a valuable revenue stream for it. Employees were yesterday paid for one day's work in addition to their October pay cheques - but that may be all they now see money wise. Nevertheless, insiders remain hopeful that a buyer may be yet found, especially once Freud formally puts the paper into administration. And there are still hopes that the previously reported trust ownership idea being touted by editor Ian Reeves may still work out, though that depends on major newspaper groups being willing to put in some cash in order to become trustees, and the Guardian reports so far only a handful of national newspapers have shown active interest.