Mail newspaper group axing 400 jobs amid falling advertising sales
The owner of the Daily Mail and The Mail on Sunday is axing 400 jobs as it battles against plunging advertising sales.
Daily Mail and General Trust (DMGT) said the staff cuts were being made group-wide as part of an overhaul under new chief executive Paul Zwillenberg, who took over at the helm on June 1.
The group is also looking at closing some offices where it has a number of sites, such as in London and New York, to slash costs under the reorganisation.
It is not known if its Irish operation will be affected.
It said many of the job cuts have already been made among its 10,000-strong workforce.
DMGT said the move comes in the face of "challenging market conditions" as underlying advertising revenues across its newspaper division have come under further pressure.
It saw dmg media underlying ad revenues fall by 4% over the 11 months of its financial year so far, but worsen in the five weeks since August 21, tumbling by 10% as print advertising plunged by nearly a fifth.
Mr Zwillenberg, who took over from Martin Morgan on June 1, is set to give more details on the overhaul and cost-cutting plans alongside full-year results on December 1.