BBC News to cut a further 415 jobs

Another 415 jobs are on the chopping block at BBC News.

However, the London-based company will create 195 new posts to fulfill its plans of restructuring the news division for the digital age, meaning a net reduction of 220 full-time jobs overall.

BBC News reports the move is part of £800 million – $1.08 billion – efficiency savings required after its license fee was frozen in 2010.

The latest cuts are expected to save £48m –$64.8 million – by 2017.

The news division currently employs around 8,400 people, including around 5,000 journalists, based in London, around the UK and overseas.

Read more from BBC News.