The Yedioth Media Group has decided to shut down its chain of local newspapers, financial daily Globes reported over the weekend. The group currently operates 17 local publications, which employ 100 people.
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This dramatic step is believed to be part of Yedioth's streamlining efforts, prompted by financial difficulties brought on by the overall drop in readership of the printed press over the shift to digital media.
Ynet, the group's digital arm, remains the group's most profitable platform and will most likely escape any major layoffs, the report said.
