[9/30/16] The owner of the Daily Mail has cut more than 400 jobs and launched a strategic review of its businesses as it continues to face a tough advertising market.
Daily Mail & General Trust said that it will take a £50m exceptional charge this year relating to the reorganisation of the business, more than triple the £15m it said it expected in May.
The company said that “just less than half” of the job cuts will come from its consumer division, DMG Media, which is the home of the Daily Mail, Mail on Sunday, Mail Online, freesheet Metro and US site Elite Daily.
Stephen Daintith, DMGT’s chief financial officer, said the cuts at DMG Media, which employs 2,700 staff, will come from all functions including ad sales, marketing, human resources and finance.
“Editorial [job cuts] are not a significant part of the mix,” he said. “We are continuing to ensure we are investing in editorial to deliver the highest quality content to our readers.”
Daintith said that the job cuts at DMG Media have already been completed during the course of this year.
About 40% of the total job cuts will come from the company’s DMG Information business in the US, with the remainder coming from its Euromoney, RMS and head office.
Overall, DMGT employs about 10,000 staff globally.
Daintith also said Mail Online will report revenues of more than £90m when it announces its results for the year to the end of September in December.
He said that in the final quarter of DMGT’s financial year Mail Online made £25m, meaning it is on a run-rate of £100m annually…CONTINUE READING