LONDON, Nov 8 (Reuters) – British news group Reach Plc (RCH.L) said it planned to cut 450 full-time jobs as part of another round of cost-cutting next year, designed to tackle the impact of high inflation that has hammered the Daily Mirror parent company.
Reach, which counts national titles as well as regional papers and websites like Manchester Evening News and the Liverpool Echo in its stable of brands, said that it would need to reduce operating costs by 5-6% again in 2024.
“This cost reduction programme is part of the company’s drive to strengthen its position as a leading digital publisher, and mitigate against the backdrop of continuing inflationary pressures that we expect to impact 2024,” the company said in a statement.
A spokesperson for Reach said the job cuts would be across the board in both editorial and commercial roles.
Britain’s high level of inflation over the last 18 months has left many companies struggling with higher wage bills and costs.
Reach said it was on track to reduce 2023 costs by the 5-6% level it had been aiming for.
Reporting by Yadarisa Shabong in Bengaluru and Sarah Young in London; Editing by Rashmi Aich
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