The following was sent out from www.proactiveinvestors.co.uk:
Reach plc, publisher of The Daily Mirror and a portfolio of regional papers, has proposed to cut up to 420 jobs including nearly 200 editorial roles as part of cost-saving measures, according to The National Union of Journalists.
The redundancies would dwarf the 80-plus jobs cut announced in January.
In London-listed Reach’s last full-year earnings call, chief executive Jim Mullen warned that the macro-economic headwinds encountered last year “would likely continue” in 2023.
“Plans will come as a major blow to our members hard on the heels of recent redundancies,” said NUJ national organiser Laura Davison.
“We are a far, far cry from the period when Reach was investing in new local sites and expanding its footprint across the country, claiming to have created a sustainable model for digital-only local journalism,” added Davison.
In a statement sent to Proactive, a Reach spokesperson said: “As we announced in January, with the current market headwinds we are facing we have had to take decisive action to review costs across the entire business including print production, energy sourcing, external suppliers, as well as, regrettably, the size of some of our teams.
“This work is ongoing as we review all aspects of our strategic transformation, to ensure we continue to deliver on our Customer Value Strategy and are well placed to benefit once headwinds subside. We will continue to work closely with all impacted teams and continue to be committed to delivering a sustainable business and a long-term future for our journalism.”
Earlier this month, Reach admitted to using chatbots to write stories for its local news site ‘In Your Area’.
“There are three AI-written articles about Newport for In Your Area,” chief executive officer Jim Mullen told The Standard at the time.
