Cost-cutting measures, including voluntary redundancy for around 40 editorial staff, will result in a “massive reduction” in Guardian News & Media’s (GNM) loss in the next financial year, chief executive Carolyn McCall told the Media Guardian weekly podcast.
The Guardian’s cost base is too high for the future revenues of any newspaper. If we don’t get our cost base in order someone else is going to do it for us.
In September, GNM managing director Tim Brooks said GNM was losing £100,000 a day and the group is seeking more than 100 job cuts across editorial and commercial operations.
McCall also commented on the sale of Guardian Media Group’s regional division to Trinity Mirror, acknowledging likely job losses amongst staff and papers and expressing surprise that Channel M was not part of the deal. GMG’s radio business is expected to be in profit this year, she added.
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