Staff at the Irish Times newspaper have met in Dublin to hear an independent analysis of the financial problems facing the company.
Unions at the Irish Times commissioned the report after the newspaper announced that it needed to shed over 250 jobs because of a general decline in advertising. It is understood the report says that savings of more than €22 million are needed.
The consultants, accountant Greg Sparks and economist Paul Sweeney, were hired by the Dublin Printing Group of Unions.
The paper is expected to lose more than €15 million next year. The consultants found that the company's cost base is too high across the board from senior management down.
But it found that the company's purchase of premises in City West could allow them to borrow money. The consultants are understood to have found that the level of losses at the company's website, Ireland.com, are not sustainable.
They said, however, that it was recognised as one of Ireland's leading websites. The report found that the Irish Times' Saturday magazine and its entertainment supplement, the Ticket, are loss-making but are vital in a competitive market.
The Chairman of the Dublin Printing Group of Unions, John White, said that the key objectives of the unions were that job losses should be kept to a minimum, redundancies must be voluntary and the Irish Times must be financially sound after the restructuring plan is implemented. Unions and management will begin negotiations on Wednesday.
