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December 10, 2008updated 13 Dec 2008 6:15pm

Deloitte says more newspapers will close or go online

By martinabooth

Newspapers and magazines are in a ‘downward spiral’that will only get worse, according to a report by Deloitte.

The Financial Times reports that 10 per cent of print publications may have to drastically reduce publication frequency, move online or close entirely as circulation and advertising rates continues to decline.

The report finds that companies either need to force savings from suppliers or reduce print frequency, as a ‘return to viable business models cannot be achieved through drastic job cuts,’and.

The report also says that newspapers may need to significantly reduce their online presence in order to encourage people back to the physical product.

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