Media – The cuts will be made during the next three years, said the British daily. It suffers from lower advertising revenues.
The British newspaper The Guardian has announced plans to cut spending by 20% within three years. This announcement follows the sharp fall in advertising revenue on its newspaper.
Its competitor The Times reported Tuesday that a hundred posts could be removed. According to the Daily Telegraph, such an announcement could take place in March.
Over 50 million savings
The austerity at the prestigious center-left daily was announced Monday the group’s staff. The leaders hope to save 54 million pounds (78.4 million francs) to return to balance.
The announcement ends a period of significant investments, particularly to develop the brand in the US and Australia. The group hired nearly 500 people for three years to reach 1960 employees.
Falling advertising revenues newsprint (-25%) and progression lower than expected revenue from the online edition have melted the cash group 838-735000000 pounds in a year.
“What expenses are rising faster than revenues is simply not possible,” said the boss of the media group, David Pemsel. To reduce costs, the latter has not ruled out moving the company’s headquarters, currently located near the King’s Cross station.
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The direction of the Guardian, however, declined to comment on possible job cuts in the group. (Ats / nxp)