Daily Mail and General Trust : publisher asks staff to accept shares in lieu of some pay

Daily Mail and General Trust's media unit has asked staff to take graduated pay cuts, with the difference made up in shares, to help weather the twin hit of less advertising revenue and lower circulation caused by the coronavirus crisis.

"This is an extremely difficult time for our industry," Jonathan Rothermere, DMGT chairman and controlling shareholder, said in a letter to DMGT Media staff on Monday.

"With the world spiralling into recession, we have seen, and must expect, a significant decrease in advertising revenue; while the current restrictions have also caused a serious drop in circulation."

The company, which publishes the Daily Mail and Mail on Sunday newspapers and owns the MailOnline website, said it was asking staff earning more than 40,000 pounds ($49,000) a year to take graduated pays cuts varying between 1% and 26% and receive an allocation of shares in compensation.

($1 = 0.8138 pounds)

(Reporting by Paul Sandle)