The LA Times announced yesterday that it will cut 250 jobs – 150 editorial positions – across the company in a latest effort to curb spending as reveunes plummet.

In a further cost-cutting step, the newspaper will reduce the number of pages it publishes each week by 15 per cent.

“You all know the paradox we find ourselves in,” Times Editor Russ Stanton said in a memo to the staff.

“Thanks to the internet, we have more readers for our great journalism than at any time in our history. But also thanks to the internet, our advertisers have more choices, and we have less money.”