The Truth Newspaper to stop publishing. On a day that saw Mediaworks call in receivers, it emerged that tabloid newspaper The Truth will cease publishing after more than 125 years.
Staff at the national weekly [described recently by Winston Peters as a “scurrilous” mag ” chocker with sex adds” promoting “people trafficking”] have been told it will not publish a print edition on Thursday, and may never publish one again.
Truth, which first published 1887, was thought to have lost a major advertiser last week, prompting its owners to pull the plug.
Truth Weekender general manager Russell Beaumont told Fairfax Media “the owners and shareholders have said we should pause for a cup of tea”.
“We’re having a break, we’re not in receivership, we’re just pausing.”
All creditors and contributors would be paid, he said.
Editor Cameron Slater [photo below] had done an outstanding job since taking over last year, but attracting advertisers had proved difficult, Beaumont said.
Photo credit: http://tumeke.blogspot.co.nz/2013/01/cameron-slater-1-labour-party-0.html
Cameron Slater Stuff News 17/06/13
Source: http://www.stuff.co.nz/business/industries/8806303/The-Truth-newspaper-to-stop-publishing
Slater, who also operates the controversial Right-wing blog, Whale Oil, would not confirm the closure when contacted,
referring all media media inquiries to Dermott Malley who co-owns the paper.
Photo of Dermott Malley. Source: http://nz.linkedin.com/pub/dermott-malley/a/a32/b21
Malley said only “You want the truth from Truth? You’ll get the truth”, before ending the call.
Slater eventually wrote on his blog [www.whaleoil.co.nz] that the “gig is over” – blaming the tabloid’s demise on those that went before him.
“Some time in the future I will tell my story of the wild ride the last six months have been…in the meantime I want to thank the editorial and production staff I worked with, you were great.
“Bottom line is that Truth was too far gone, a legacy of the mayhem caused by David and Steve Crow. Again I will leave that story for later.”
Stephen (Steve) Peter Crow # David Bruce Crow top right. Steve Crow below ##
# Photo: 3 News.co.nz April 27, 2011.
“Porn King looses legal battle” ## Photo: Stuff News
The newspaper’s other owner, Matthew Horton, was not available for comment as he was on a flight from Australia.
Slater, who made a name for himself baiting Left-wing pundits on his controversial blog, was brought on as editor in October last year.
At the time he promised to reshape the “tired old business model” that had led the newspaper industry into deep decline, and planned to ditch the paper’s seedier advertising format in favour of main street advertisers
Source:
The Truth Newspaper to stop publishing
Story by Jason Krupp and Kevin Norquay. 17 June 2013. Fairfax NZ News
http://www.stuff.co.nz/business/industries/8806303/The-Truth-newspaper-to-stop-publishing
Cameron Slater’s Blog “New Zealand’s #1 Blog”
http://www.whaleoil.co.nz/2013/06/yup-its-true-the-truth-gig-is-over/#more-99311
For Background see:
https://www.spcs.org.nz/wp-content/uploads/Diagrams/Truth-Publications-Ltd-Diagram.pdf (dated 8/07/2010)
https://www.spcs.org.nz/2010/what-is-left-for-creditors-of-truth-publications-ltd-in-liq/
https://www.spcs.org.nz/2010/truth-publication-in-liq-owes-622000-outstanding-filing-obligations/
Latest Assessment
Check out:
National Business Review
Truth rejuvenation became too hard – Horton. By Georgina Bond
Republished as:
NBR gets the good oil on Truth
http://www.whaleoil.co.nz/2013/06/nbr-gets-the-good-oil-on-truth/
Quote:
Mr Horton, who owns a 50% stake in Truth, says the newspaper had continued to lose ground with advertisers and readers over the last few years.
“It had taken a very seedy turn over the last five years and I think that probably cost the paper a lot of sales…..
Management changes earlier this year, when original owners handed over the reins to the Crow brothers David and Steve, had been disruptive.
__________
Background: From Liquidator’s First Report. Filed with on Companies Office website on 09/07/13
In 2011 Multimedia Solutions Limited purchased adultspace.co.nz and arranged for Truth Weekender Limited to manage this site.
At the end of May 2012 Pravda Limited, owned by David Bruce Crow, purchased 50% of the shareholding in Truth Weekender Limited and he became the sole director.
In March 2013 David Crow resigned as a director and his shares were transferred to Onyx Capital Limited. Dermott Malley was then appointed director.
A major advertiser withdrew their support in June 2013 and Dermott Malley made the decision to cease to trade