The Evening Standard is to cut around a third of jobs after advertising and circulation were impacted by the coronavirus pandemic.

It is understood that around 115 employees at the media business will be affected by the cost-cutting move.

The company has said it will focus on its “digital and mobile offering” as part of the restructure, while also developing a live events business.

It stressed that the restructuring is a result of “difficult market conditions” which have recently affected the media industry and been accentuated by the pandemic.

The proposed restructuring at the Evening Standard comes at a challenging time for the industry, which has been accentuated by the pandemic

In March, the newspaper altered its distribution model to deliver issues to homes in London, in a move which roughly halved its distribution.

In June, it named Emily Sheffield as the newspaper’s new editor, with George Osborne becoming its new editor-in-chief.

Chief executive Charles Yardley said: “The proposed restructuring at the Evening Standard comes at a challenging time for the industry, which has been accentuated by the pandemic.

“However, there remains a huge opportunity for the company, moving from London’s leading newspaper to London’s leading media platform, delivering the best content and services to our readers and our customers across multiple channels, whilst also launching new products and experiences.”

Chairman John Paton said: “The Evening Standard has served London for nearly two centuries and is accustomed to evolving with our great city and Londoners.

“This is the next phase of the company’s evolution and as we develop new channels and services, the focus will remain on delivering quality journalism, informing and engaging our readers and with our digital offerings bringing the best of London to the world.”

It is the latest media business to announce job cuts, after Daily Mirror owner Reach said it will cut around 550 jobs in a bid to reduce costs.