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Daily Mail owners to axe 1,000 jobs

Daily Mail owners to axe 1,000 jobs
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Newspaper publisher Daily Mail and General Trust (DMGT) has announced that 1,000 employees on local publications are to be made redundant.

The move was revealed in a gloomy trading update and comes following a severe downturn in the advertising market, which has hit revenues across the sector.

In the update, the trust said: "Prospects for the end of March and into April remain uncertain for display advertising, but classified revenues, other than recruitment, are showing signs of stabilisation."

Recently, DMGT sold its Evening Standard title to the Russian businessman and former KGB officer, Alexander Lebedev.

DMGT's finance director Peter Williams also stressed that most of the job losses have already taken place or are currently under consideration.

In related news, employees of the Guardian Media Group working in Greater Manchester are to vote on possible strike action over the announcement of 150 job losses.ADNFCR-1681-ID-19086416-ADNFCR