Newspapers: Swinging Lady

Britain's newspapers are in the doldrums—victims of a national economic squeeze that has cut severely into their ad revenues. Yet the London Times, once considered the most vulnerable of them all, has snapped out of the crisis in a way that has startled Fleet Street. Under its new owner, Lord Thomson, the stodgy "Grey Lady of Printing House Square" has turned into a stylish swinger. In the seven months since the Thomson team took over, her circulation has jumped to 350,000—a 30% increase. "The British have lost an institution," says Columnist Peter Jenkins of the rival Guardian, "but gained...

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