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New boss but same old problems facing newspaper business

Shares in newspaper publisher Johnston Press (JPR) gained 11% on the day the departure of chief executive Ashley Highfield was announced (1 May).

Investors are clearly hoping his replacement, internal appointment David King, can breathe new life into the business.

However, King is likely to bump up against the same problem Highfield did during his seven years in the role, namely the company’s substantial liabilities.

Johnston is currently in talks with bondholders over £220m which is due to be repaid next year.

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