OLD Media Moves

FT cutting editorial spending as digital subscribers rise

May 15, 2020

Posted by Chris Roush

The Financial Times is cutting its spending on non-staff contributors and implementing other cuts to pay and working hours as the newspaper has seen 50,000 new digital subscribers sign up over the past two months, reports Charlotte Tobitt of the Press Gazette.

Tobitt reports, “But FT chief executive John Ridding told staff today that further temporary savings were needed so the publisher can guarantee its “mission beyond this storm” and protect the jobs of all staff.

“All non-editorial staff earning £50,000 or more will see a ten per cent reduction in both working hours and salary from 1 July until the end of the year ‘at the latest’.

“In editorial, the equivalent savings are being made in a more flexible way ‘due to the nature of the editorial budget and the relentless demands of 24-hour coverage’, editor Roula Khalaf said in a follow-up message to staff.

“This includes reduced spending on outside contributors, ‘careful management of staff numbers’, and some voluntary measures such as part-time working.”

Read more here.

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