Reach, the publisher of Daily Mirror and Express papers, has said it is axing around 450 full-time jobs as part of a cost-cutting drive.
The job cuts fall under plans to trim operating costs by 5 to 6 per cent in 2024. Reach has said it is on track to deliver its previously announced 5 to 6 per cent reduction in costs for 2023.
Shares nudged up 0.6 per cent on Wednesday morning.
It comes as part of a plan to boost the publisher’s digital position and hedge against rising inflation that is expected to continue next year.
Reach has already gone through two rounds of job cuts in January and March, with around 330 redundancies already made so far in 2023.
The savings will allow the business to deliver on its long term plans, while continuing to invest to drive better customer value, develop online products and grow new audiences.
Chief executive Jim Mullen said: “Our industry has a history of change and the future will undoubtedly involve yet more. That’s why it’s essential we set ourselves up to win, by making our operations suited to an increasingly fast-paced, competitive and customer-focused digital world.
“Hard work over the last few years means we have established ourselves as a leading digital publisher. But there’s more to do and today is about organising our business to deliver against that challenge.”
It comes amid a tough time for papers who are struggling with waning advertising revenues and competing with the social media giants for eyeballs, especially of younger people.