UK news group Reach, which owns a number of Irish titles including the Irish Daily Star, plans to eliminate 450 full-time jobs next year in a new round of cost-cutting to tackle inflation.
The job cuts represent 10 per cent of the group’s total workforce, with the group’s Irish titles to be affected.
At the end of 2022, Reach employed 4,305 people, including 2,862 journalists, across 130 brands. As well as the Irish Daily Star, its Irish titles include the Irish Daily Mirror, RSVP magazine and online platforms such as Dublin Live and Cork Beo.
A spokeswoman for Reach said while the company is not yet sharing a breakdown of planned cuts, “all departments across the business will be affected”.
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Reach said in July that the cost of printing newspapers had soared by 60 per cent due to high energy prices, and on Wednesday warned that inflation would continue to drag into 2024.
The company said it will need to reduce operating costs by 5-6 per cent next year, on top of the 5-6 per cent it was on track to cut this year.
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“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,” it said.
The proposed job cuts are on top of 330 redundancies made so far this year.
The National Union of Journalists (NUJ) expressed “dismay” at the news of 450 job cuts, which it said will include 320 editorial roles.
Laura Davison, the NUJ’s UK national organiser, said the announcement is “yet another blow to Reach journalists who have adapted at pace to company demands”, and that members will be “understandably shocked” at the scale of redundancies sought.
“Reach’s efforts to address economic challenges must not come at the expense of journalists who fear for their job security and the impact of quality journalism only able to thrive with the experience and talent of staff,” she said.
The NUJ said it will be liaising with its representatives and the company to ensure the best possible outcome for its members.
Ms Davison called for Reach to allow for a “flexible and transparent consultation process” with staff, “in the spirit of genuine and meaningful engagement”.
Reach shares, which have lost 18 per cent of their value so far this year, were up 0.5 per cent at 78 pence in London in early trade. – Additional reporting: Reuters
