The publisher of the Daily Mirror has cut the wages of all staff by 10% as part of measures to mitigate the impact of the coronavirus pandemic.
Reach, which also runs the Express titles and a raft of local papers, said it had seen advertising, circulation and events affected by the virus.
It said the company’s board, along with some members of its most senior editorial and management team, will take an immediate 20% pay cut.
Meanwhile, one fifth of employees will be furloughed under the Government’s Coronavirus Job Protection Scheme, with wages topped up to be a 10% pay cut.
Reach suspended its financial guidance for the current financial year as there “continues to be uncertainty around the severity and length of the crisis”.
Last month, the firm said it had traded in line with expectations for the first 12 weeks of the financial year but had begun to feel the impact of the outbreak.
The company said it has also requested discussions around a deferment of current contributions to all the group pension funds and decided it will no longer propose a dividend for the past year.
Reach said the measures have been executed swiftly and efficiently so “all print and digital publications continue to be produced without interruption, delivering high-quality editorial content at this crucial time”.
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.”