29th September 2016

Daily Mail to cut 400 jobs

Falling advertising sales has led to the decision to cut jobs.


Daily Mail and General Trust (GMGT) has stated that job cuts will be made across the group.

This comes amidst new chief executive Paul Zwillenberg's company overhaul.

Zwillenberg took over from Martin Morgan on 1st June 2016.

Some offices may also be closed to cut costs, it is understood.

Underlying ad revenues at DMG Media fell by 4% in the 11 months of its current financial year.

In a trading update DMGT said: “Given the challenging market conditions facing certain businesses within the portfolio, reorganisation initiatives are being implemented to protect their profitability.


“These initiatives will create a greater strategic focus and enable more effective decision making across the Group, with the aim of generating future benefits and opportunities for long-term growth.


“The reorganisation initiatives, which include headcount reductions, are expected to result in total cash-related exceptional operating costs in the current financial year of approximately £50 million, rather than the £15 million previously guided to in May 2016. Approximately £35 million of the expected costs directly relate to the reorganisation.”


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