Guardian cutting 180 jobs in face of mounting losses
The Guardian is facing cuts across various departments
Guardian Media Group is cutting 180 jobs, or 12% of its workforce, to avoid “unsustainable losses” in the years ahead.
It told staff it expects 70 journalists to be axed. It currently employs 1,495 staff of whom 869 work in editorial and production.
Most of the other job cuts will be in advertising, Guardian Jobs, marketing and Guardian Live.
Guardian editor-in-chief Katharine Viner and chief executive Annette Thomas said the company had been hit hard since March.
In a statement to staff they said: “We have already identified many millions of pounds of cost savings over the past few months, which include deferring the company-wide pay rise, placing around 100 colleagues’ roles on furlough, reducing the size of the executive committee, reducing the use of casual staff, and making major reductions in our marketing, travel and other budgets across the organisation.
“Even after taking these measures into account though, we face unsustainable annual losses in future years unless we take decisive action.
“It is clear that we will need to make significant cost savings, and change the way we work, and we are sorry to tell you that this will mean that there will be job losses over the coming months.”
The news came alongside results for the 12 months to 29 March showing a pre-tax loss of £36.8m against a pre-tax profit of £31m the previous year. Revenue was broadly flat at £223.5 million against £224.5m in 2019.
The company said “good growth” in its subscription and contribution reader revenues had offset declines in advertising and newsstand revenues, both trends which were exacerbated further in March.