Regional press decline prompts Press Association to axe jobs
The UK national news agency has been on a cost-cutting drive since the arrival of new group chef executive, Clive Marshall in February. At that time it was reportedly employing 1,300 staff with more than 200 journalists across the UK and Ireland.
Today it is being reported that managing director Tony Watson emailed staff this morning with news that the agency is to open a voluntary redundancy scheme for its remaining 900 employees in Britain and Ireland.
It is understood that the company is looking for around 35 volunteers, but not all are expected to be from editorial posts.
The scheme will offer enhanced redundancy pay of up to three times the statutory amount and remain open until 3 January.
The email said: “For the second consecutive year we will see very substantial reductions in the revenue we receive from regional newspapers and it is likely the structural change in that market will continue to impact on our business.
“The scheme is part of an effort to reduce costs to ensure the company remains in a strong financial position in the future and able to continue investing in the technologies and products that will enable us to compete in a changing media landscape.”
The Press Association has declined to comment further.