The Shanghai Evening Post, one of the city’s major evening papers, will grind to a halt next week and cease publication. A recent corporate merger of the Jiefang Daily Group and Wenhui-Xinmin United Press Group, has been blamed for killing the paper as their accountants run wild, chopping away at papers that don’t rake in serious cash.
The Post‘s closure isn’t making anyone happy, as the South China Morning Post reports:
“We all feel sad and cold,” said an official with Shanghai United Media Group (SUMG), the parent of the Shanghai Evening Post.
“It’s an open secret that nearly all print media in Shanghai are either posting losses or likely to be losing money soon.” […]
It had been speculated that the Shanghai Evening Post, one of two major evening papers in the city, would bear the brunt of cost-cutting strategies and be closed to bolster its cross-town rival, the Xinmin Evening News.
It was not known how many employees would lose their jobs after the closure, as SUMG officials have said they would rearrange part of the workforce, including journalists and salespeople, to take other posts within the group.
So for now it appears as though the Xinmin Evening News will be the Chinese-language evening paper of choice, until ad-prices dip again and it falls under the accountant’s axe.