News of the cuts will come as a blow to the title’s new editor, Peter Hill, who was last week named as the replacement for Chris Williams, after he was poached by rival Associated Newspapers to take up a senior post at the
Daily Mail (see
Williams Quits Express To Join Rival Associated).
According to the Observer, around 10% of the editorial budget at the Daily Express will be redirected into promotions and give-aways in an effort to boost circulation at the title, which dipped by 1.7% year on year in the latest ABC results for November.
It is understood that Hill will be forced to make a number of redundancies as part of the cuts to the editorial budget. However, Desmond has assured the National Union of Journalists that he currently has no plans to wield the axe.
Reports suggest that Desmond is likely to offer voluntary redundancy to long-serving staff, who will be offered generous pay-offs. The wave of cuts looks likely to be completed by March next year.
Desmond has already significantly reduced overheads at Express Newspapers, which he acquired back in November 2000. More than 150 journalists were made redundant shortly after he took control of the group.
It has also been suggested that Desmond has instructed his financial advisors to put together a bid for the Telegraph titles. Terry Smith, the rogue chief executive of stockbroker, Collins Stewart, is also understood to be putting together a cash bid for the Hollinger-owned newspapers that would value the business at between £400 million and £500 million (see Desmond Puts Together Bid For Telegraph Titles).
