MEDIA: Financial Times to cut fifteen per cent of workforce

Fifteen per cent of the workforce at The Financial Times newspaper

and its linked online operation is to be cut.

The Pearson Group, which owns the FT, said voluntary redundancy and

early retirement are to be offered where possible, to find the 150 job


The company issued a profit warning last week when it announced that

profits would be 40 per cent down on last year.

Staff at News International, publisher of The Sun, The Times and The

Sunday Times, also face redundancy as cost-cutting measures bite.

Changes at News International's News of the World are expected to be

announced in the coming days.

Elsewhere in the media sector, the news is even gloomier. Reuters, the

news agency, has announced 1,600 redundancies this year. Trinity Mirror

has also cut staff, particularly in its online operations.

A downturn in advertising revenue during 2001 has been exacerbated by

the US terror attacks on 11 September.

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Already registered?
Sign in