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Daily Mail group cuts 1,000 jobs Daily Mail group cuts 1,000 jobs
(20 minutes later)
The Daily Mail and General Trust (DMGT) is to cut 1,000 jobs as the advertising slump continues to hurt newspapers.The Daily Mail and General Trust (DMGT) is to cut 1,000 jobs as the advertising slump continues to hurt newspapers.
The job cuts at its regional arm Northcliffe Media are double what it estimated last November, the media company said. The job cuts at its regional arm Northcliffe Media are more than double what it estimated last November, the media company said.
Northcliffe Media publishes 113 papers in the Midlands and south of England, selling 4.1 million copies a week.Northcliffe Media publishes 113 papers in the Midlands and south of England, selling 4.1 million copies a week.
It said it has had "difficult quarter" so far and expects a "substantial fall" in profits in the first half of 2009.It said it has had "difficult quarter" so far and expects a "substantial fall" in profits in the first half of 2009.
The "vast majority" of the job cuts have already taken place or are currently under consultation, said a company spokesman.The "vast majority" of the job cuts have already taken place or are currently under consultation, said a company spokesman.
The DMGT said the job cuts would result in exceptional operating costs of about £20m in the group's half year results. Newspapers battered
The company said in its trading update that further costs were being cut in all departments at its newspaper division, which includes the Daily Mail and the Metro.The company said in its trading update that further costs were being cut in all departments at its newspaper division, which includes the Daily Mail and the Metro.
The DMGT said the job cuts would result in exceptional operating costs of about £20m in the group's half year results to 29 March, to be announced in May.
The company said it expected advertising revenue at its newspapers during the three months to March to drop by an underlying 24%, and to fall at Northcliffe Media as a whole by 37%.
The recession has hit advertisers and newspapers hard, with local publishers being especially affected.
Other jobs gone
Local newspaper group Archant, which owns the Eastern Daily Press and Evening News, said this month it is planning to cut 34 jobs in Norfolk.
The Financial Times last week told staff in a memo that it planned to streamline its editing staff and cut back from three editions per day to two.
And up to a quarter of 276 editorial staff at the Glasgow-based Daily Record and Sunday Mail newspapers are to lose their jobs under plans to merge their newsrooms.
The DMGT sold the London Evening Standard newspaper in January to Russian billionaire Alexander Lebedev for the sum of £1.The DMGT sold the London Evening Standard newspaper in January to Russian billionaire Alexander Lebedev for the sum of £1.