The publishers of the daily Newsday newspaper yesterday said they are undertaking a “major restructuring” of their operations in light of dwindling advertising and subscriptions.
Daily News Limited said the restructuring plans are aimed at cutting costs and that among the measures to be taken are outsourcing its printing and retrenching staff across the company. He gave no figures as to the number of jobs that will be lost.
Managing Director Grant Taylor said that Daily News Limited was the last of the local print media houses to undergo a significant restructuring exercise, which has become a necessity for the newspaper’s survival.
“Our printing cost per page has gone up by 200 per cent. That is simply not sustainable,” he told the Newsday newspaper, adding that the company had tried not to go the route of major restructuring of operations, but it was a matter of survival.
“It is not only us but the media industry that has taken a significant hit in recent years,” he said, while acknowledging that the novel coronavirus pandemic has accelerated the restructuring.
“It is a difficult time worldwide. We are fortunate that the board of directors held off on a significant restructuring exercise earlier,” he said, assuring the exercise is being done with the input of the union representing the staff.
“This is the hardest thing any company has to do —lay off staff — and at the worst possible time. But at the end of the day there is no point in everyone being out of a job for the sake of not doing anything.
“It is not only difficult for the company but each individual manager, and the company is cognisant that it is incredibly difficult for the staff themselves… The anxiety and anguish, the company is very mindful of what everyone is going through,” he told the staff.
But, he said, “it is the reality, not only locally but worldwide”, adding that of the three daily newspapers here, Newsday is the only independent entity not backed by a conglomerate.