CORONAVIRUS | The paper suffered a major drop in revenue despite an increase in readership from last year's protest and the coronavirus outbreak.
owned by Alibaba Group Holding Ltd, will cut senior management pay and ask staff to take unpaid leave for three weeks, a staff letter obtained byChief executive Gary Liu said in the letter the cost cuts were needed because of a 20 percent fall in revenues in the 2019/20 financial year and a 50 percent drop in the latest quarter despite more readers amid last year's protests and the coronavirus outbreak.
"SCMP’s journalists have withstood tear gas, petrol bombs, dangerous confrontations, and exposure to deadly diseases, not to mention the countless hours spent pursuing stories that have powered our growth," Liu said. The newspaper reported that the pay of senior management would be cut and staff would be put on unpaid leave. It did not immediately respond to a request for comment on Liu's letter.
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