Payment for Dacre as DMGT bosses pocket £ 33million amid fears of cuts | Daily mail


Former Daily Mail editor Paul Dacre is due to receive a payment of almost £ 2million as senior executives at parent company DMGT share £ 33million in salaries, bonuses and rewards in shares this year – as staff brace for job cuts.

Dacre, who stepped down as editor in 2018 and until the beginning of the month was chairman and chief editor of the parent company of Associated Newspapers, is to receive payment in December as part of one of Daily Mail and General Trust’s long-term incentive plans for senior management.

Former Daily Mail Editor-in-Chief Paul Dacre

The vesting of the award of 168,851 shares, valued at approximately £ 1.9 million at the current DMGT share price, is linked to the achievement of performance targets in 2019. The award follows a £ 1.5million payment made to Dacre last December.

Dacre’s payout is eclipsed by that of DMGT’s top four directors, which is in the process of being private by the Rothermere family after 90 years on the London Stock Exchange, which won £ 33million in wages and shares in the year ending late September.

Lord Rothermere, who chairs DMGT, pocketed £ 10.9million while Managing Director Paul Zwillenberg took home £ 9.7million in salaries, bonuses and long-term incentives.

“The long-term maximum incentive payout reflects truly outstanding business performance and the significant contributions of the executive directors over the past three years,” said Rothermere, who is also Chairman of the Compensation Committee of DMGT.

The payments come as the company conducts an “employee count review” in its 2,400-person consumer media division, as profitability is affected by rising energy and newsprint costs that are currently at their highest level in 25 years. On Wednesday, Geordie Greig, editor of the Daily Mail for the past three years since Dacre resigned, was ousted.

DMGT reported 3% year-on-year revenue growth to £ 624million in its publishing business, which includes Mail, MailOnline, i and Metro free sheets as well as magazine New Scientist. Adjusted operating profit rose 7% to £ 60million.

Total ad revenue rose 1% underlying to £ 284million. While MailOnline grew sharply with digital revenues up 16% year-over-year, this was offset by a 15% drop in print advertising mainly due to Metro, which relies on commuters and has struggled since the start of the pandemic.

As part of this across flagship mail businesses total advertising grew 9% underlying to £ 249million, including 16% growth from MailOnline and 1% growth in print ad revenue . Digital advertising now accounts for 67% of total advertising in all mail activities.

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“In mainstream media, we saw good revenue growth and profit contribution from MailOnline and strong performance from print mail titles, leading to growth in profit contribution from the mail business as a whole,” Zwillenberg said. “Unsurprisingly, the suburban newspaper Metro and our event activity continue to be significantly impacted by the pandemic. “

After a traffic boom fueled by the pandemic last year, MailOnline saw the total number of minutes readers spent on the site decline by 7% to a daily average of 135 million during the year until end of September.

The total number of average daily global unique browsers decreased by 15% to 14.7 million.


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