The Financial Times (FT) has revealed that it is shifting its business focus to its digital outlet, leading to the publication cutting 35 jobs.
Editor Lionel Barber announced the changes in an email to staff, revealed by the Guardian. He explains how resources are to be moved from producing the print edition of the FT to online news and services. This will mean there will no longer be a late edition and a greater standardisation across each geographical version of the paper.
There will be a net headcount reduction of 25 at the FT in order to save around £1.6 million through the strategy. Ten new journalists with a focus on digital roles will be hired alongside the 35 who are being made redundant.
"We need to ensure that we are serving a digital platform first, and a newspaper second. This is a big cultural shift for the FT that is only likely to be achieved with further structural change," Mr Barber told staff.
He added that these changes are vital to secure the future of the publication.