Media agencies sceptical over tabloid plan

Media agencies are unconvinced that the launch of an upmarket tabloid from The Independent founder, Stephen Glover, will be a success.

Glover has been working on details of the launch for more than a year and aims to capture an audience of 100,000 AB newspaper readers from other titles.

Mark Gallagher, the head of press at Manning Gottlieb OMD, said: "I'm not 100 per cent sure that this is totally sound. The major doubt is whether there is a market for a purely high-brow daily newspaper. If you look at the Financial Times, which has a high-brow readership, its circulation is sliding."

Reports have focused on Glover's attempts to secure £15 million of funding for the title, which may be called The World, and his commitment to eschew the celebrity coverage that is seeping into other quality titles.

Doubters suggest that Glover and his team, which includes the former PR Newswire managing director Vicky Unwin, will struggle to attract the necessary investment. However, analysts believe that smaller private investors will be interested in the proposition.

One City analyst said: "You'll be looking at private equity for the first three years. I'd love to see if there's a gap in the market for this type of product but I'm not sure it will expand the market."

Gallagher said: "If it comes in at 100,000 and with a high AB profile, then of course we'll look at it for advertisers."

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