Parent company of ‘LifeNews’ and ‘Izvestia’ to cut costs by a third

News Media Holdings, whose assets include the TV channel LifeNews, and the newspaper Izvestia, has decided to cut back on spending by 30 percent, said Izvestia deputy chief editor Anastasia Kashevarova in an interview with online publication VC.ru.

“Company department heads have just two ways to resolve problems: either cut staff by 30 percent or reduce salaries by 30 percent,” she said.

Holding company head Aram Gabrelyanov made the announcement of the payroll budget reduction to editorial staff on December 22, says Kashevarova.

News Media Holdings had already made reductions in back in late 2014. At that time, it was reported up to half of LifeNews employees would be laid off. The holding company head said he was committed to laying off around 15 to 30 percent of employees.

News Media Holdings' assets include the TV channel LifeNews, the newspapers Izvestia, Life, and Your Day, and the Super.ru project. LifeNews and Izvestia are routinely criticized for close ties with the Kremlin. The owner Aram Gabrelyanov has stated that his publications do not have the right to question President Vladimir Putin and the head of the Russian Orthodox Church.