MADRID Oct 5 Spain's most influential newspaper
El Pais will fire workers and cut salaries next week, parent
media group Prisa said on Friday, as plunging
advertising revenues leave media outlets floundering.
Prisa, which owns the internationally-recognised
Spanish-language daily, has not said how many workers will go,
but local media said more than a quarter of the paper's staff
could be forced out.
"We can't keep living so well," Prisa Chairman Juan Luis
Cebrian told staff on Friday, in comments published by the
workers' committee of the left-leaning paper, Spain's best-read
Prisa, which has media assets in Europe and Latin America,
in July reported a 5 percent drop in first-half revenue,
attributing the decline to falling advertising revenue in
crisis-hit Spain and Portugal.
Since 2008, 57 media outlets in Spain have closed and 8,000
journalists have lost their jobs, as falling advertising
revenues takes its toll on companies already struggling from a
consumer shift to the Internet for news.
One of the paper's journalists, Carlos Cue, said on Twitter
it was the "worst day in the history of El Pais".
Prisa has made cuts across its various outlets, including
business daily Cinco Dias and radio station Cadena Ser. This
latest round of cash-saving measures will be formalised on
Tuesday, the El Pais committee said.
The programme includes firing workers, early retirement for
some and reducing salaries. Across the Spanish media, the
average journalist's salary has halved since the onset of the
country's financial crisis.
(Reporting by Clare Kane; Editing by David Holmes)