Reach, the parent of the Daily Mirror and a number of regional titles, has become the latest publisher to announce pay cuts and furloughs as it manages its business amid the coronavirus pandemic.
In a statement released this morning (Monday) when the London Stock Exchange opened, the company warned of "uncertainty around the severity and length of the crisis and the resulting impact on Reach in terms of advertising, print circulation and events".
All members of its board and some members of its most senior editorial and management team will take a 20% reduction in pay. All company bonus schemes for 2020 have been halted.
Reach added that there will also be 10% pay cuts across the rest of the company, although this will not fall below the Living Wage, while 20% of staff will be furloughed.
The company will also no longer propose a final dividend for the 2019 financial year, the statement said.
Reach's share price was 90p when the stock market opened today, down from 97p a week ago.
Jim Mullen, chief executive of Reach, said: "These are very challenging times and I would like to thank all our colleagues at Reach for their support and commitment. It remains difficult to predict the duration and long-term impact of the crisis on our sector, so it is key we take proactive measures now on cost to protect jobs and the Reach business for the long term."
The move follows JPIMedia, which produces a number of regional titles including The Scotsman, furloughing 350 employees and rolling out a 15% pay cut for the rest of the company "after a significant reduction in advertising volumes".
Evening Standard owner ESI Media has also placed a number of staff on furlough and introduced a 20% cut in salary for those earning at least £37,500. It has also paused publication of the ES magazine supplement.