Global newspaper group Independent News & Media is launching a £37.6 million ($66.5m; €53.6m) restructuring programme as it prepares for an advertising upturn.
IN&M -- the family-controlled fiefdom of Sir Anthony O'Reilly -- plans to cut 565 jobs as it seeks to reduce clerical and back-office costs across its worldwide operations. It hopes to save £13m a year as a result.
O'Reilly said that, with the advertising market still volatile but on the way up, it was an "appropriate time to take this important and far-reaching restructuring opportunity enabling us to be the low-cost operator in all of our markets."
As well as in its native Ireland, IN&M holds assets in the UK (including national newspaper The Independent), Australia, New Zealand and South Africa.
The restructuring is due to be completed by the end of next year.
Data sourced from: mad.co.uk; additional content by WARC staff