Reach PLC, the U.K. media company behind publications like the Daily and Sunday Mirror, has revealed its plans to cut approximately 450 jobs as part of its cost-cutting strategy. The company is confident that these savings will enable it to meet its cost reduction target for the year.
Moreover, Reach PLC aims to capitalize on these cost-cutting measures to fulfill its long-term objectives. While achieving better customer value remains a priority, the company also intends to invest in the development of online products and the expansion of its audience base.
In line with its cost reduction plans, Reach PLC plans to reduce costs by 5%-6% this year and the next. These measures are primarily aimed at strengthening the company’s position and mitigating any potential inflationary pressures that may arise in 2024.
Reflecting on the company’s progress, Chief Executive Jim Mullen expressed his confidence in Reach PLC’s status as a leading digital publisher. However, he emphasized that there is still work to be done, which necessitates organizing the business to meet future challenges.
Reach PLC continues to prioritize its commitment to delivering quality content and remaining at the forefront of the digital publishing industry.