From the FT, April 16:
Telegraph also makes cost savings as news groups are hit by falling advertising and print sal
The Financial Times, Guardian and Telegraph media groups have unveiled significant cost cuts, the latest in a wave of publishers squeezing staff budgets to weather the coronavirus crisis.
While the publications have enjoyed record readership levels during the pandemic, sharp falls in advertising, conferences and print sales have badly hit revenues, with the Guardian estimating a hit of close to £20m over the next six months.
A first round of belt-tightening measures at the three London-based media groups includes salary cuts for senior management and the use of government job retention schemes to put a limited number of non-editorial staff on paid leave. Publishers in the US and Europe have shed thousands of jobs or applied far-reaching cost reductions since the outbreak of the virus, with the cuts spanning newspapers such as the Daily Mail and Los Angeles Times, the magazine group Condé Nast and digital media outlets including BuzzFeed....MUCH MORE
