Telegraph Media Group may cut jobs before Christmas, as newsprint costs have continued to increase while ad revenue has gone down, and digital revenues have not been enough to make up the gap, Media Guardian reported Monday.

Staff at TMG were notified of the possible cuts on Friday, and are expected to be given more information on how many cuts will be made and which departments will be affected sometime this week, according to Media Guardian.

“Everyone, including editors, have been tasked to find meaningful savings,” a source “close to TMG” told Media Guardian. “I don't think that anyone is particularly surprised. There is not the anger (among staff) as when previous cuts were announced because of the state of the industry, everyone is having to cut back.”

A spokeswoman from TMG told Media Guardian the company would not comment on matters discussed in a private meeting.

Meanwhile, employees at the Times “are also braced for news of cost-cutting measures,” and Financial Times editor Lionel Barber “is understood to have briefed senior executives” on budget cuts of 10 percent in 2009 and 2010, according to Media Guardian.