From Yahoo News

A plan is underway to re-launch the News of the World newspaper just one day after the title was closed by owner Rupert Murdoch.

According to reports in The Independent, Susan Douglas, a former editor of the Sunday Express and deputy editor of The Sunday Times, is at the centre of a consortium of media and business figures attempting to put a rescue package together.

"What we are talking about is saving the freedom of the press for ordinary people, who are not going to read the Financial Times, or even The Independent or The Guardian. I think it's really important and worth doing," she said.

Reports claim that Ms Douglas has already been involved in talks with leading media owners and venture capitalists. She urged that a rescue attempt would need to be made quickly before the opportunity to save the title is lost.

Part of Douglas' plans would involve recruiting former News of the World staff – who have been invited to apply for roles within News International.