The Guardian has announced that it will cut running costs by 20 per cent as it attempts to make up for increasing losses which are expected to reach around £50m by the end of the tax year.
The cost saving strategies, which could reportedly see 100 jobs cut, are a response to the faster than expected downturn in print advertising and slower increase in digital revenues.
Coupled with the costs of expansion overseas, the company says its outgoings have outpaced its revenues over the past five years but the new plans should help it break even within three years.
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Source: The Drum
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