An independent report into the finances of the Irish Times, commissioned by the newspaper's unions, has confirmed that the company faces serious financial problems.
The report - by accountant Greg Sparks and economist Paul Sweeney - predicted that more than 15 million euro would be lost this year as costs rose and revenue fell.
It described the increase in costs as unsustainable, but said cost cutting could not be separated from company restructuring. But it found that the company's purchase of premises in Citywest could allow it to borrow money.
The consultants are understood to have found that the level of losses at the company's web site Ireland.com were not sustainable although they said it was recognised as one of Ireland's leading web sites.
The report found that the Irish Times' Saturday magazine and its entertainment supplement The Ticket were loss-making but vital in a competitive market.
Unions and management are to begin negotiations on a viability plan on Wednesday.
