Aug 28: INM and Johnston Press make losses

Independent News & Media, owner of the Independent and Independent on Sunday, moved deep into the red in the first half of the year amid a steep fall in advertising revenues and warned that profits would be at the lower end of expectations. Johnston Press, the struggling regional newspaper group, reported a 56 per cent drop in interim profits amid weak advertising markets but announced it had agreed a debt restructuring plan with its lenders. Salamander Davoudi, media correspondent, looks at how the downturn is hitting newspapers.