The planned launch of Thelondonpaper, News International's (NI) free afternoon paper for the capital, is the most serious threat the Evening Standard has faced in recent times, if not ever.
Robert Maxwell's London Daily News, which launched nearly 20 years ago, was never in the same league. It was a flawed concept, poorly distributed and easily seen off when the old Lord Rothermere disinterred the Evening News. Derek Clee's Tonight, which debuted seven years later, scarcely made a ripple before going under.
This is a threat on a different scale. NI will fund the paper properly and stick with it as long as it takes. The hiring of Stefano Hatfield as editor, who knows both the advertising world and the mechanics of free newspapers, is a further indication of intent.
Those in the marketing community who have seen the dummies of Thelondonpaper have pronounced them good, upbeat and decidedly fit for purpose.
Indeed, whatever happens in the battle of the newspaper dynasties, the marketing community will be the winner. Advertisers will have a fresh way to reach millions of Londoners, and just think of the ad discounts until a winner emerges.
The arrival of NI in the London free market is almost enough to make you feel sorry for Express owner Richard Desmond.
It was Desmond who took Rothermere's Associated Newspapers to the Office of Fair Trading in an attempt to break the Standard's grip on exclusive distribution deals on London's transport system. His planned free London evening paper has now been effectively swept aside before a single copy has been printed and Desmond will continue to lie low, if he has any sense.
For Rothermere, Desmond would have been a pussy cat compared with Murdoch.
So, how will the viscount defend his patch from invasion?
He could turn the Evening Standard, with its paid-for circulation of just over 300,000, into a free newspaper. That would certainly grab Murdoch's attention. It would also not make much sense - other than as a short-term tactic that would cost millions in lost revenue. A 20p Standard, for as long as it takes, is more plausible.
It would be fun - and indeed highly tempting - to resurrect the Evening News one last time. But it should probably be resisted.
The only defensive ploy that makes sense, though it is an expensive option, is to swamp the capital with copies of Standard Lite, or, better still, produce an afternoon edition of Metro. People know it, like it and can be seen actively seeking it out in Underground carriages.
Winning at least one of the rail distribution contracts, preferably for the Underground, would help enormously.
At the same time, the Evening Standard would have to move upmarket and turn itself into a quality newspaper. Those interested in policy, government, the arts and sports would have to be the key targets.
It should aim to set the agenda for the capital in a more sustained way. Deadlines would have to be pushed later to include the close of the London Stock Market.
It is a tall order, but unprecedented competition demands an unprecedented response.
For those watching from the sidelines it will be wondrous to see such action revolving around a medium that pessimists insist is on its last legs.
30 SECONDS ON ... MURDOCH'S FREESHEET
- Thelondonpaper will launch on 18 September. It will have a print run of 400,000 and be distributed by 700 workers outside Tube stations, at bus stops and in cafes between 4.30pm and 7.30pm.
- The 48-page full-colour daily will target 18- to 34-year-old, ABC1 white-collar office workers.
- The paper will employ 70 staff. Ian Clark, former ad director of Times Newspapers, is general manager; Metro New York launch editor Stefano Hatfield will edit the paper; Michael Craig, former global key account director at Metro International, is ad director; and Nicole Refson, who joined from Harrods, is head of marketing.
- The paper will rival the Evening Standard and Standard Lite, which currently have a combined circulation of just under 400,000.