Daily Management Review

UK Evening Standard to downsize a third of jobs


Publisher of the free newspaper Evening Standard will cut a third of its personnel - 115 jobs - due to falling advertising revenues, writes the Guardian.

In particular, 69 out of 167 journalists and editors will be fired, 31 more employees will be fired from the commercial department, and 15 - from the distribution department. The company is not going to close the paper edition, but from now on it will focus on the development of the online version and the organization of events.

"The restructuring will come at a challenging time for the industry, as the coronavirus pandemic has made matters worse," said Charles Yardley, who became CEO of the Evening Standard in June. He added that he sees a great chance for the newspaper to become the leading London media platform.

Advertising revenue accounts for 80% of the Evening Standard's revenue, the Guardian recalls. The pandemic crisis hit the publication hard as advertisers froze ad spending or even began withdrawing previously placed orders.

In March, amid the lockdown, the newspaper's circulation dropped to just over 400,000, as copies are usually distributed to passengers on vehicles. In April, some employees were cut by 20%, while others were sent on unpaid leave. Release of the weekly ES was on hold until September.

Even before the pandemic, the publication lost 40 million pounds in three years.

source: ft.com