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:
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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