Johannesburg - Times Media Group, a South African publisher, will cut staff on Business Day and Financial Mail as it seeks to reduce costs by about 15 million rand ($1.51 million) a year, according to Editor-in-Chief Peter Bruce.

BDFM Publishers will employ “closer to 100 than 150” employees after the cuts, Bruce said in a mobile phone interview today.

The unit has about 150 staff now, he said.

“We’re near to the bottom of the cycle.”

Times Media has appointed a committee of managers to present proposals on where it can reduce staff by the end of the week, according to an internal e-mail sent to employees.

The company has been selling assets and is focusing on its television business while seeking growth opportunities in Southern and west Africa.

The Johannesburg-based publisher bought the 50 percent of BDFM it didn’t already own from Financial Times-owner Pearson Plc in April. - Bloomberg News