LONDON: London’s Evening Standard newspaper on Wednesday announced plans to shift from its daily print edition to a weekly format.

The outlet said the decision was driven by several factors, including the introduction of Wi-Fi on the London Underground, fewer commuters due to the increase on the number of people working remotely, and changing reader habits.

“The substantial losses accruing from the current operations are not sustainable. Therefore, we plan to consult with our staff and external stakeholders to reshape the business, return to profitability and secure the long-term future of the No.1 news brand in London,” Paul Kanareck, the newspaper’s chair, told staff on Wednesday morning.

He said the company planned to launch “a brand new weekly newspaper later this year and consider options for retaining ES Magazine — the company’s weekly magazine — with reduced frequency.”

Kanareck emphasized a strategic shift toward enhancing the newspaper’s digital presence, which currently averages 12 million monthly visitors.

The Evening Standard, owned by Russian-British businessman and co-owner of The Independent, Evgeny Lebedev, has accumulated millions of pounds in debt over the past few years.

The memo also indicated that the plans and their impact on staff levels would be subject to consultation, raising concerns about potential job losses.

Founded in 1827, the Standard was bought by Lebedev in 2009 for just £1 ($0.80).

Since then, the London newspaper transitioned to a freesheet format, with average distribution dropping from nearly 900,000 copies 10 years ago to 270,000 today.

The new proposed weekly Evening Standard, Kanareck said, will feature “more in-depth analysis of the issues that matter to Londoners, and serve them in a new and relevant way by celebrating the best London has to offer.”

These changes, he said, will “reinforce the relationship between our 24/7 digital platforms and our weekly publication.”