Independent News & Media is to lay off 600 staff world wide as part of a cost saving restructuring programme.
The company says 5% of its current workforce of nearly 12,000 is to be cut. A spokeswoman could not say how many of the job losses will be in Ireland.
The company says that through reduced costs and higher profits the restructuring will bring in an additional €18.4m each year by 2005.
Chief executive Sir Anthony O'Reilly said the restructuring was far-reaching, and would enable INM to be a low-cost operator in all of its markets. This year the company has sold off a number of assets and issued new shares in an effort to reduce its high levels of debt.
Redudancy payments and other costs related to today's decision will cost the company €53.5m.
The decision was made following a detailed review of the company's operations by management consultancy firm Booz Allen Hamilton.
INM has operations in Ireland, UK, South Africa, Australia and New Zealand.
The announcement was contained in a trading statement issued by INM today, in which the company said the advertising climate was improving.
