As part of ongoing efforts to ensure Daily Maverick's long-term stability and success, the company is initiating a reduction of about 15% of operating costs.

Listen to this article 4 min Listen to this article 4 min The leadership team has worked hard to limit job losses, but this process will result in several retrenchments and the restructuring of some functions.

This decision comes after careful consideration and exhausting other options at a time when the media industry continues to struggle under growing economic pressure.

Daily Maverick has always strived to operate in a lean startup manner, while also trying to fill the void left by a disrupted industry.

Growing a news publisher to this scale and influence was a miracle in this market context, where it is eight times harder to operate than developed countries. Sadly, it is no longer possible to do so under the current circumstances.

Daily Maverick founding CEO Styli Charalambous said:

"We understand that this is a difficult period for everyone at Daily Maverick, especially our colleagues who will be directly affected. We are committed to providing as much support as possible, including assistance for new work opportunities, and to get through this as quickly and with as much care as possible."

On the broader challenges and what is needed to sustain journalism:

"Without legislative changes to incentivise and encourage...