Hong Kong Daily News closes after 56 years of publishing

Hong Kong Daily News ceased publication at the weekend after 56 years, putting out its last edition on Saturday, July 11.
 
Founded in 1959, the paper was purchased by the Emperor Group in 1992, at which time it held a significant presence in Hong Kong’s newspaper scene.
 
In the late 90s it engaged in newspaper price wars with the competition, charging just HKD1 at one point for each edition, reports Apple Daily.
 
In a statement released to the public, the Emperor Group wrote that publication was discontinued due to the the advent of free newspapers and a switch to digital news that forced the paper into deficit, despite reforms. 
 
To Yiu-ming, assistant professor at Baptist University’s journalism department, stated after the announcement that the paper did little to compete online, and that it would have required further investment with a clear modern vision if it was to stay afloat, reports SCMP.
 
He also explained that maintaining the status quo would have cost more money and weakened a paper further, unless it could provide quality and premium information.
 
Publisher Peter Kuo said that all 130 employees affected by the closing would be properly compensated in line with labour laws. He added said that staff members were startled when informed of their redundancy, and that he regrets the decision.
 
He described the financial losses the company has been facing in recent years as “staggering”.