Publishing tycoon Mike Danson’s love affair with left wing magazine the New Statesman continues, with new accounts filed at Companies House last week showing a fresh round of loans for the loss-making organ.
Danson extended his interest-free line of credit to £11.5m from £10.3m, according to related party disclosures listed at the end of its financial statements. The cash helped to sustain a whopping £19m in accumulated losses at New Statesman Limited, through which the magazine sells print and online advertising space as well as magazine subscriptions and event sponsorship. The ongoing deficit includes a £1.6m loss for 2024 and predates the appointment of Tom McTague as editor-in-chief in May this year, who joined from the right wing UnHerd website.
Still, its financial woes didn’t prevent it from hosting a string of fringe events at the Labour Party Conference last month, where its assortment of staff, columnists and commentators pontificated on how to, er, run things better.
