FT to prioritise digital

The <i>Financial Times</i> is to shift resources from print to digital as it looks to reduce newspaper production costs.

It comes as the newspaper confirmed to PrintWeek that it had acquired the remaining assets of FT printer Newsfax (Bow), which went into administration in September 2012.

In an email to staff at the newspaper this week FT editor Lionel Barber outlined a new strategy that he said would "reshape the FT for the digital age".

As part of a planned restructure the newspaper is to open a voluntary redundancy scheme and aims to cut around 25 jobs following the introduction of around 10 new digital posts. The changes would reduce costs by £1.6m in 2013, Barber said in his email.

Barber did not reveal where jobs would be cut but said: "The intention is to reduce the cost of producing the newspaper and give us flexibility to invest more online."

He outlined eight new measures that would be implemented to "simplify the newspaper to lighten the work load and reduce the resources devoted to print".

Among other proposals, which include advertising, editorial and style amendments, are "a paring back of the UK 3rd edition", and tighter control of pagination.

Barber said: "We need to ensure that we are serving a digital platform first, and a newspaper second. This is a big cultural shift for the FT and one that is only likely to be achieved with further structural change.

"We must find a way to reduce production resources at night and increase them in the day; these same resource must also be increasingly devoted to the web and less to the newspaper."

The FT declined to comment further on the potential impact of the changes on its printing operations.

Meanwhile, the newspaper has confirmed to PrintWeek that it has acquired the remaining assets of its former printer Newsfax (Bow), following its demise last year along with parent firm Newsfax International.

When Newsfax entered administration in September the FT immediately secured the printing of its paper, as well as others produced at the site, by resurrecting its dormant subsidiary St Clement's Press and stepping in to take over as third-party operator. Effectively the move brought the FT's printing in-house.

The facility has continued to operate as St Clement's Press since then, working in conjunction with BDO who were appointed administrators of the Stratford site.

An FT spokeswoman said: "The Financial Times is now operating the print site through its subsidiary St Clement's Press. This ensures continued print output for the FT and other newspapers." 

Administrators BDO said there was no further information available.