Guardian Media Group will this week reveal a higher than expected full-year operating loss of £69m as the owner of The Guardian newspaper battles to bring its finances under control.
GMG's total pre-tax loss will hit £173m as the group belatedly writes down about £80m in the value of its stake in Ascential, the publicly quoted magazine and events company, and takes a £20m restructuring charge over severance payments.
GMG has exceeded its target of cutting 250 jobs, with 70 journalists taking voluntary redundancy as the media group struggles to deal with the harsh advertising environment that is hurting print publications.
Controversy over responsibility for losses at GMG led to Alan Rusbridger, its former editor-in-chief, stepping down in May as incoming chair of the Scott Trust, which is GMG's sole shareholder. Mr Rusbridger and Andrew Miller, GMG's former chief executive, were accused of allowing costs to escalate as the Guardian expanded globally.
Monday, July 25, 2016
Lefty propaganda no longer a profitable business model?
The Guardian UK announces they lost $250 million samoleans this year.
With legendary contributors like Laurie "Bad" Pennie and Damien Walter their trip down the U Bend of history's toilet should be short and uneventful, as flushing a turd should be.
The Flushing Phantom