Hong Kong Daily News has closed after a 56-year run, citing financial losses.
All 130 employees will receive compensation, according to a company announcement. The newspaper ceased publication on July 11.
President Peter Kuo blamed changing reading habits and competition from new media and free newspapers for declining sales including those of Hong Kong Daily News.
He said young people have lost interest in newspapers.
The trend is irreversible as traditional media continues to lose ground in the emerging demographic, Grace Leung Lai-kuen, a lecturer in the Chinese University of Hong Kong School of Journalism and Communication, was quoted as saying by Apple Daily.
Hong Kong readers are shifting to online news using their mobile devices, especially during breaking news events such as last year’s democracy protests, she said.
Tsang Kam-keung, a senior advertising executive, said the internet has taken away advertising dollars from print media.
About 20 percent of advertising spending is allocated to newspapers, down from 25 percent three years ago when just 10 percent went to digital media.
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