Newspaper and magazine publisher DC Thomson is set to make widespread redundancies and close several titles.
Employees were told at an all-staff meeting on Wednesday that the Dundee-based company needs to plug a £10m gap in the business.
DC Thomson owns a number of newspapers including The Press and Journal, The Courier, the Evening Telegraph and The Sunday Post.
It also owns dozens of magazine titles such as The People’s Friend, The Beano, Bunkered and Puzzler.
The company has offices across Scotland, including its headquarters in Dundee, and offices in Aberdeen and Glasgow. It also runs operations in Colchester, Essex, and London.
Rebecca Miskin, chief executive of DC Thomson’s media business, said the company had to make “difficult decisions” and would be announcing the closure of some “well-loved titles”.
She said: “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.”
She added: “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.”
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DC Thomson has given many people their first job in journalism for well over 100 years.
These cuts will be widespread, affecting not just workers in Dundee but also in Aberdeen, Glasgow and three sites in England.
The company won’t say how many jobs will go or which titles will shut – details on that are expected on Thursday.
Many staff were shocked by the announcement, but others say job losses were inevitable.
Far fewer people are buying a newspaper. Instead, they reading their news online for free.
In a statement, the firm alluded to the change in reading habits, saying the goal is to make sure the company is “equipped to thrive long- term in an industry which is changing at an unparalleled pace”.
And that need to change has been accelerated by the current economic crisis.
Discussions with staff are ongoing. Many have already been told their jobs are at risk.
We’ll get more details of the extent of the cuts and which titles will be axed on Thursday morning.