LONDON: Reach, publisher of UK newspapers Daily Mirror and Daily Express, plans to axe about 550 jobs as the coronavirus forces readers online and slashes advertising revenues, it said Tuesday.

"Structural change in the media sector has accelerated during the pandemic and this has resulted in increased adoption of our digital products," Reach chief executive Jim Mullen said in a statement.

"However, due to reduced advertising demand, we have not seen commensurate increases in digital revenue."

Reach said the company plans a reduction in headcount of about 550 staff, or 12 percent of its workforce - as it looks to make annual cost savings of £35 million ($43 million).

The company, which owns also a number of UK regional newspapers, said the restructuring would cost the group £20 million.