Yahoo Finance Daily Mirror and Express owner Reach to cut 550 jobs
Daily Mirror owner Reach is to slash 550 jobs as part of plans to cut costs.
The group - which also owns a raft of regional newspaper titles across the UK - said it was cutting about 12% of its workforce under an overhaul aiming to save £35 million a year.
The company wants to bring together its national and regional editorial teams across its titles in a more centralised structure, while also reducing its local commercial and finance sites and simplifying management.
But it will end the recent pay cuts for all staff, except senior executives and board members, and invest more heavily in its digital operations amid an increasing shift towards online news.
Reach chief executive Jim Mullen said: “Structural change in the media sector has accelerated during the pandemic and this has resulted in increased adoption of our digital products.
“However, due to reduced advertising demand, we have not seen commensurate increases in digital revenue.
“To meet these challenges and to accelerate our customer value strategy, we have completed plans to transform the business and are ready to begin the process of implementation.
“Regrettably, these plans involve a reduction in our workforce and we will ensure all impacted colleagues are treated with fairness and respect throughout the forthcoming consultation process.”
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