What do you believe the crucial differences between European and US newspaper markets are?
For one thing, the main difference is probably with national newspapers versus local ones. In the United States there has always been this tradition of very strong local newspapers, some of which have a near monopoly. Which is very beneficial to them from one standpoint, as they have been quite profitable over the years. On the other hand, it has maybe caused some difficulties for them now with more competition from new media which increases the challenge for them - having had less of that competition for advertising and readers in the past. In Europe, of course, you have the same scenario in terms of new media. But I think newspapers have had to deal with this sort of ultra-competitive environment in many markets for a little bit longer.
