The Economic Times will soon convert its Sunday Magazine into a broadsheet. Currently, they bring out a 20-page tabloid every Sunday.
Sivakumar Sundaram, Chairman of the Executive Committee of BCCL, confirmed this development over a message saying it is being converted to bring value to the readers.
While Sundaram said that there will be no change in the editorial composition as the teams are already optimised, sources close to the development said that the entire special editorial team for the paper has been disbanded and the news staff will now run the Sunday paper as well.
The Sunday Magazine was priced higher at Rs 10 compared to the regular week's Economic Times at Rs 3.50. It was known for its long-form and in-depth stories. The 20-page tabloid would barely have any advertisements.
The Covid-induced lockdown has drastically impacted the circulation and revenue of BCCL's newspapers. Economic Times' circulation itself has come down by 35% and the revenue has reduced by almost 40%. BCCL has been undertaking several cost-cutting measures including cutting salaries and laying off employees across the group's publications.
At least a dozen employees were fired across ET's editions last May. The Times of India has also laid off several employees in Kerala and shut two bureaus.
Economic Times is India's number one business daily with an Average Issue Readership (AIR) of more than a million.