STAFF at a historic Scottish newspaper publisher are facing a wave of redundancies as bosses reportedly try to plug a multimillion pound blackhole in the firm’s finances.
DC Thomson staff were informed at a meeting on Wednesday morning the company was facing financial difficulties and would need to slim down its operations, the BBC reports.
The site said the firm was facing a £10m financial shortfall.
The publisher’s roster includes The Press and Journal, The Courier and The Sunday Post and regularly scoops plaudits for its journalism.
It also owns The Beano and other magazine titles.
Headquartered in Dundee, the company’s most recent accounts published online in December 2021 showed an £18.6 million fall in business revenues.
This was accompanied with a £2m fall in employee costs – not including £4.2m in severance payments and a £4.2m pension charge.
DC Thomson confirmed the company would be "losing some valued colleagues" and that changes would result in "the closure of some well-loved titles".
The company did not specify how many jobs would be lost or which titles would close.
Rebecca Miskin, chief executive of DC Thomson’s media business: “We have today announced significant changes to our company, which involve the reshaping of our media portfolio and the simplification of the underlying structure.
“These moves are vital to set us up to thrive in the future and to respond to the difficult economic environment we are in.
“Our goal is to transform into a strong media business, focused on delivering real value to the communities we serve, that can face the future with confidence, and is equipped to thrive long-term in an industry which is changing at an unparalleled pace.
“The transformation strategy already in place was addressing these fundamental industry shifts, but the need to change has been massively accelerated and magnified by the current economic crisis.
“We will focus on specific connected and purpose driven communities which enjoy the biggest potential for deep audience engagement and long-term growth. We are strengthening and building the skills that will be vital deliver this.
“Unfortunately, we have also had to make difficult decisions concerning those brands and activities which sit outside these growth areas. We will be announcing the closure of some well-loved titles, as well as the cessation of some commercial activities. This will mean losing some valued colleagues, something we deeply regret.”
