300 staff in radio stations Newstalk, Today FM and Spin have been informed that their pay will be cut.

Pay for staff earning less than €50,000 a year will be cut by 5%, while for those over €50,000, the reduction will be 10%.

It is understood the decision was made in light of the downturn in advertising revenue and the weaker economy.

All three stations are owned by Denis O'Brien's Communicorp Group.