Guardian Embraces Austerity

As we go to pixel, a major company meeting is taking place over at King’s Place where Guardian staff are being informed of 20% cuts to be imposed on their publisher, Guardian News & Media. The meeting had to be split into two parts – one at 11am, a second at 2pm – because the Guardian has so many members of staff. A neat illustration of the problem…

The key figures are:

  • Running costs cut by 20%, over £50 million
  • £52 million operating loss expected in year to the end of March
  • Operating costs reach £268 million, up 23% in the last five years
  • Cash and investment fund down £100 million on last year
  • Print advertising falls by 25%

Unbelievably the investment fund, which was supposed to finance The Guardian’s losses in perpetuity, lost 12% – down £100 million from £838 million to £735 million. Who is trading the fund, William Keegan?

GNM chief executive David Pemsel isn’t commenting on potential job losses. He told staff today: “It’s very easy to look back and say the Guardian has made mistakes”. Worth noting that Alan Rusbridger spent £4.5 billion during his tenure as editor…




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Quote of the Day

Paul Dacre on the Daily Mail’s future support for Brexit…

“…what moves me most are the countless messages from readers worried about whether the Mail will continue its support for EU withdrawal. My answer to them — and others — is unequivocal. Support for Brexit is in the DNA of both the Daily Mail and, more pertinently, its readers. Any move to reverse this would be editorial and commercial suicide.”

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