John Paton was appointed chair of Independent Digital News & Media, the London-based publisher of the all-digital The Independent in 2019. The principal shareholder is Evgeny Lebedev.
Paton is one of the most experienced international news executives and has led media companies in Europe, the US and Canada and is the founder and former CEO of Digital First Media (then the second largest newspaper company in the US) and of ImpreMedia (then largest Hispanic news company).
In October 2021, The Independent (“The Indy”) completed its fifth consecutive year as a profitable, digital-only publisher, with revenue of £41m (36% up) and operating profit of £5.5m (+103%). It had 244 employees. It has forecast that 2022 will have seen The Indy’s dependance on advertising fall to less than 50%, with growth in revenue from readership, events and syndication.
Following the launch of Independent en Espanol in 2020, the company launched the video hub Independent TV, and Independent Asia.
Its international growth (underpinned by an editorial team in the US and foreign language editions in Arabic, Turkish, Farsi, Urdu and Spanish) was highlighted by a record 128m uniques in November 2020. It now claims a year-round average of more than 90m global browsers, including some 25m in each of the UK and US. In November 2022, it was the UK’s fifth largest news site – behind the BBC, The Sun, Daily Mirror and Mail Online. On a worldwide basis, it is said to be the 36th largest English language news site.
Paton is also chair of: Boat International; Fine + Rare (wine and spirits); and IVA Ventures, a media investment company. He had previously been a director of The Guardian and of El Pais and PRISA, in Spain. He is a journalism graduate of Ryerson University, in Toronto.
What were your earliest ambitions?
As a young newspaper journalist, I aspired to be a top-flight reporter covering the world. But, while I was not bad, I soon realized I didn’t really have the skills so I channelled my energy into editing and, thereafter, management.
How did you get into media?
In 1977, as a university student in Canada, I took a picture of a famous columnist in a bar who had a belly dancer sitting on his lap. I went down to the newspaper where he worked and offered to sell them the picture. They asked how much I wanted and I said I just wanted a job. And that was that. I was hired that day as a copy boy – what UK newspapers would then call a tea boy.
I did every job on the paper, eventually rising up through the editorial ranks. When you start at the bottom of the ladder, you learn to hustle and take on all tasks; everything is a learning experience. The big lesson you learn, though, is that the newspaper is only as good as its people and no one person is bigger than the paper itself. That is a balancing act that all the greatest proprietors have mastered.
What did you like about it?
It was just so much fun. Every day was challenging and interesting. There were very few boring days. I also had the chance to do good through compelling journalism. It was a heady mix and I knew instantly that I never wanted to do anything else.
What were the milestones of your North American career?
I was very fortunate to begin my career at the Toronto Sun which was started by Douglas Creighton, a brilliant journalist-entrepreneur. When I joined the management ranks, he inspired me to take risks: “failure won’t kill you” was one of his maxims.
With him and a brilliant team, I launched the Ottawa Sun daily in Canada’s capital in the late 1980s. Later on, I was part of a group that bought his newspaper chain which we grew to become the second largest in Canada. It was eventually sold for about $1bn.
In the early 2000s, I moved to New York where my partners and I built what became the second biggest newspaper company in the US, with more than $1.2bn revenue and 10,000 employees. I became involved in a number of media deals and financings which now add up to something like $8bn.
Along the way, I became ever more fascinated with the digital world and its potential to revolutionize media. I remain fascinated by, and optimistic about, the opportunities.
What brought you to Europe? What’s the media difference?
You can’t tell from my accent, having spent most of my life in Canada and the US, but I was born in Britain. My eldest daughter and her family live here, so it was a bit of a homecoming. I now divide my time between Paris and London.
The quality of the journalism in the UK is superb and – while the very best titles in the US are equal to the very best in the UK – overall the UK comes out on top. The biggest difference is in the American media’s appetite for risk. British news media companies seem to be more risk averse – and I think this is not the time to be risk averse.
What are the learnings from the all-digital Independent?
The first learning is there is, of course, no future without taking risks. The second is to pay no attention to what the herd is doing. Make your own path. The third is there is always a market for high-quality journalism and that is where your investment must be focused. However, it must be journalism that understands the digital news eco-system and how to make the most of it.
The Independent is unique in that it is, I believe, the only quality daily news brand in the world to have gone all-digital and become profitable with growing revenues and audience.
It has harnessed digital to transform itself from a failing print product into a truly global news operation. It is distinctive in that the team had the courage and good sense to stop what was not working and go all-in on what is working – digital. The management team did not simply try to tweak the print model. The company invested heavily in digital skills, technology and products that were built to maximize how the digital marketplace works.
How successful could it become?
The Indy already has a detailed strategic path to £100m in revenue within five years – about double where we are today. And we have circled a £200m target beyond that. It is already global, but the US is now a particular focus for us. We have substantial editorial and commercial teams there and they are making great progress. Our successful Independent TV and eCommerce are also playing an increasing role commercially.
Will printed newspapers disappear?
The print future of daily newspapers is clearly constrained. Digital is the dominant force in journalism with print to be radically changed in focus and frequency – and in many cases shut down. Print will never die out but its utility as a medium for journalism will continue to diminish – particularly in news where digital, video and podcasts serve the customer much better. The print products that do survive will be refocused to a narrower, deeper type of journalism and a much reduced publishing frequency.
You have managed media businesses under all types of ownership. Which do you prefer?
All of the various types have their pros and cons, but I prefer private ownership with a proprietor dedicated to the proposition that journalism matters. It allows for bold moves and a longer investment timeline than is usually acceptable in publicly-traded firms.
Which company do you most admire?
As The Indy is UK-based, I will stay away from British firms. I greatly admire Hearst. It has a talented management team, is innovative and not afraid to invest in its future.
What is the best lesson you have learned?
Listen and, after you have listened, don’t be afraid to lead.
