The Guardian Media Group (GMG) has endured its worst ever financial results, announcing a pre-tax loss of £69m.
Boasting an overall revenue of £209.5m for the year ending 3 April 2016, down from £217.5m in the previous period, the company’s losses dropped precipitously from £14.7m in 2015 to £68.7m.
To return to profit, it has embarked upon a three-year business plan, launched by David Pemsel, chief of GMG and Katharine Viner, editor-in-chief, making the decision to cut 250 staff including 70 journalists to help balance the books.
It made the argument that it grew its audience share on the Guardian website, up Read full story ›
Source: The Drum
Industry News