Telegraph to cut 10% of editorial staff
LONDON - Hollinger International is to lay off around 10% of its editorial staff, totalling 40 jobs, at the Daily Telegraph and Sunday Telegraph and freeze pay rises in an attempt to cut costs.
The move has been forced by a drop in advertising revenues at the titles. However, the fact that the company has invested in a new IT infrastructure to replace its previously archaic ATECS system is also accountable for some of the job losses.
Hollinger recently announced losses of £8.8m and there have been growing reports that publishers such as Express Newspapers and Associated Newspapers are poised to make a bid for the business.
The speculation followed reports that Hollinger chairman Lord Conrad Black was set to quit the newspaper sector following his exit from the Canadian publishing market. However, these reports have since been denied and Lord Black is set to open a newspaper in New York City.
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