TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
UK newspaper publisher to cut 550 jobs on virus fallout
Change Size
A stack of newspapers near Bixton Station, as the spread of the COVID-19 continues, London, Britain, April 3, 2020. Media industry has been been hit hard by sharp decline or advertisement.Reach, publisher of UK newspapers Daily Mirror and Daily Express, plans to axe about 550 jobs as the coronavirus forces readers online and slashes advertising revenues, it said Tuesday. (Reuters/Hannah McKay)
R
each, publisher of UK newspapers Daily Mirror and Daily Express, plans to axe about 550 jobs as the coronavirus forces readers online and slashes advertising revenues, it said Tuesday.
"Structural change in the media sector has accelerated during the pandemic and this has resulted in increased adoption of our digital products," Reach chief executive Jim Mullen said in a statement.
"However, due to reduced advertising demand, we have not seen commensurate increases in digital revenue."
Reach said the company plans a reduction in headcount of about 550 staff, or 12 percent of its workforce -- as it looks to make annual cost savings of £35 million ($43 million).
The company, which owns also a number of UK regional newspapers, said the restructuring would cost the group £20 million.
"Editorial will move to a more centralized structure bringing together national and regional teams across print and digital to significantly increase efficiency and remove duplication while maintaining the strong editorial identity of our news brands," Reach said.
The company will also have "fewer locations and a simpler management structure", the statement said.
Reach added that its revenue slumped 27.5 percent in the second quarter, "impacted by reductions in circulation and advertising".
