450 jobs cut at Reach | Change of tack for News Movement
Reach cutbacks are the biggest for a UK news publisher in many years
Good morning and welcome to your daily media news briefing on Wednesday, 8 November, brought to you today in association with EX․CO - the world's leading publisher video platform empowering publishers to own their video strategy for maximum yield. Their latest guide for publishers, "Choosing the Right Online Video Platform", is available now.
Awful news this morning from Reach where the seemingly endless cycle of redundancies continues.
The total going - 450 - is the largest I can remember in one hit at Reach (or Trinity Mirror as it was previously known) and represents more than one in ten of the workforce.
High mortgage costs and inflation have hit consumer news publishers this year. But the UK economy as a whole is broadly flat.
The bigger issue is publisher online ad revenue has declined this year while money spent overall has increased (with tech platforms seemingly hoovering up all the growth).
Reach may also need to re-evaluate a digital strategy which has won it more eyeballs than any other commercial news publisher in the UK but is not being converted into growth.
Changes are also afoot at The News Movement where jobs have been cut and the editorial focus is shifting towards lifestyle and culture.
We spoke to editor-in-chief Kamal Ahmed about what the future holds for the brand and its 40-odd editorial staff.
He says the future is looking bright for the publisher, but I would speculate that when your CEO and majority shareholder (Will Lewis) leaves to take another job (even one as prestigious as CEO of the Washington Post) it is not the best sign that everything in the garden is rosy.
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New from Press Gazette
450 jobs to go in massive restructuring at Reach
“I understand that change, particularly at this scale and after a year that has already brought many challenges for our business and our people, will be unsettling.”
The News Movement ‘on target to hit profit’ amid cuts and exit of CEO William Lewis
“We’ve seen though from our audiences that they love some areas that we are going to develop. And that’s going to be around what we’d call lifestyle and arts, entertainment and sex and relationships.”
News in brief
CNN’s chief international anchor Christiane Amanpour has received Women in Journalism’s Lifetime Achievement Award. Mirror editor Alison Phillips said: "Few have done more to illustrate the power of great journalism and its impact on people's lives."
The Media Bill (included in the King's Speech) will repeal Section 40 of the Crime and Courts Act and also boost visibility of public service broadcasters on streaming platforms. Here's our previous coverage of proposed legislation. (Press Gazette)
Nicky Campbell anchored BBC coverage of the King's Speech yesterday as Huw Edwards remains absent from TV screens following allegations in July which prompted him to be suspended from work.
Podcast 59: From subscriptions to membership at Elle UK
Elle UK editor Kenya Hunt talks to Press Gazette about why she hopes readers will pay £150 a year to become fashion industry insiders as members of Elle Collective.
She also talks about the future of magazines, diversity and why magazine editors have a duty to present images of female beauty responsibly.
Previously on Press Gazette
GB News shareholders: Nigel Farage and Dan Wootton top staff awards
Solutions journalism: How to offer audience an alternative news agenda
Telegraph bid contender Sir William Lewis named CEO of Washington Post
Piers Morgan TalkTV show hits 2m subs helped by Israel-Hamas war coverage
At 1,500 stories per day, Mail Online is UK’s most prolific news website
As digital subs overtake print at i, editor Oliver Duff explains why future is bright for title
