FT cuts pay and hours, Insider suspends magazine
Ironically, Insider is struggling to survive the crisis in print media
More cutbacks have been announced in the cash-strapped media as the coronavirus lockdown continues to depress advertising revenues.
The Financial Times is cutting its spending on non-staff contributors and implementing further cuts to pay and working hours.
FT chief executive John Ridding told staff that further temporary savings were needed to protect the jobs of all staff.
There will be a 10% cut in pay and working hours for all non-editorial staff earning £50,000 from 1 July until the end of the year “at the latest”.
Editorial spending on outside contributors and voluntary measures such as part-time working will be introduced.
Scottish Business Insider, the Glasgow-based business magazine published by Daily Record owner Reach, is suspending publication for the forseeable future. In recent years the number of issues has been reduced from what was originally a monthly publication.
These cutbacks follow the furloughing of staff and pay cuts at a number of other newspaper groups, including the owners of The Herald and The Scotsman.
The Herald titles are vacating the head office in Renfield Street, Glasgow, in a further cost-cutting move.
Online news services have also been affected with The Independent furloughing staff and Buzzfeed announcing the closure of its UK and Australia newsrooms.
Support Daily Business
Your one-off donation from as little as £20 helps support quality journalism