Guardian

El País, the Madrid-based daily that claims to have the largest circulation in Spain, is cutting pay and reducing editorial staff because of a serious drop in revenue.

Juan Luis Cebrián, president of the owning conglomerate, PRISA, said the measures are essential to ensure the viability of the company in the face of a contraction of advertising income.

Senior managers admitted that the "painful" cuts are unprecedented in the 36-year history of the newspaper but "inevitable".

Cebrián said: "It’s not a matter of wanting to improve profitability. The newspaper can no longer support its current cost structure."

El Paíst’s editor, Javier Moreno, also spoke of the future of newspapers necessarily involving a radical digital transformation.

Source: El Pais