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Daily Mirror UK publisher Reach to cut 550 jobs

 


LONDON (Reuters) – The owner of the Daily Mirror, Reach (RCH.L) announced Tuesday that it would cut about 550 jobs, or 12% of its workforce, after the COVID-19 pandemic hit traffic and advertising in its national and regional newspapers in Britain.

Reach, whose headlines also include the Daily Express and a team of regional newspapers, said second-quarter revenues were down 27.5%, print revenues were down 29.5% and digital revenues were 14.8 %.

It is the latest in a series of British companies to announce layoffs following the pandemic, and its shares fell 11.5% to 79 pence at the start of the session.

CEO Jim Mullen said the pandemic has accelerated the transition from print to digital, with more than 41 million visitors to the group’s websites in May and customer registrations exceeding 2.5 million.

“However, due to the drop in advertising demand, we have not seen a commensurate increase in digital revenue,” he said.

Mullen said COVID-19 particularly affected small businesses that advertised in its regional titles, two-thirds of them not picking up the phone when called by sales teams in April.

Advertising and distribution had improved slightly in June, he said, but trade was still well below levels prior to COVID.

Jobs will be cut in national and regional operations, Mullen said, in a plan to save £ 35 million ($ 44 million) in annual savings at a one-time cost of around £ 20 million.

Rival News UK, publisher of the Sun and Times newspapers, also warned staff last month of imminent layoffs, chief executive Rebekah Brooks saying tough decisions must be made in the coming months.

Achieve a 10% drop in staff salaries in April and a 20% cut in executive salaries and suspend bonuses to save money. He also waived his dividend.

Before COVID-19 hit, Mullen was making progress in improving Reach’s bottom line with efficiency gains, taking its stock to a five-year high of 187 pence in February. They have now dropped 58% from this level.

Mullen said the job cuts announced Tuesday were not about cutting costs but more efficient use of resources.

“In the medium and long term, we see a bright future for our journalism,” he said.

($ 1 = 0.8016 pounds)

Report by Paul Sandle; edited by James Davey / Louise Heavens / Susan Fenton

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