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.