LONDON, April 6 (Reuters) - Daily Mail and General Trust's
media unit has asked staff to take graduated pay cuts,
with the difference made up in shares, to help weather the twin
hit of less advertising revenue and lower circulation caused by
the coronavirus crisis.
"This is an extremely difficult time for our industry,"
Jonathan Rothermere, DMGT chairman and controlling shareholder,
said in a letter to DMGT Media staff on Monday.
"With the world spiralling into recession, we have seen, and
must expect, a significant decrease in advertising revenue;
while the current restrictions have also caused a serious drop
in circulation."
The company, which publishes the Daily Mail and Mail on
Sunday newspapers and owns the MailOnline website, said it was
asking staff earning more than 40,000 pounds ($49,000) a year to
take graduated pays cuts varying between 1% and 26% and receive
an allocation of shares in compensation.
($1 = 0.8138 pounds)
(Reporting by Paul Sandle)