The company's statement said, ""The board believes that Northcliffe has an excellent future as an integrated provider of local media services.

"It is positioned to provide its local and national customers with the information and advertising they seek through a range of media channels and brands.

"These will comprise primarily paid-for daily and weekly newspapers, free newspapers and a significantly increased online presence, but will encompass other delivery mechanisms, where appropriate. In particular, the combination of print and online will provide a differentiated product range that will be unequalled in its local markets."

The Guardian reports that redundacies at Northcliffe have not been ruled out as an additional cost-saving measure. A representative of the group also hinted that its online operations would become increasingly important.

Sources: Hold the Front Page, The Guardian