By Stephen Brook: The managing director of Guardian News & Media, Tim Brooks, has told staff that more cost savings at the publisher of The Guardian and Observer are on the way.
Brooks told staff in a memo posted on the company intranet yesterday that the current rate of losses at GNM – which publishes the two national newspapers and the guardian.co.uk website network, which includes MediaGuardian.co.uk – was “unsustainable”.
He said that GNM needed to “operate at a sustainable level, without compromising our core purpose”. He told staff that the company was doing well in a difficult environment but that its revenues were under pressure.
Brooks added that GNM was losing £100,000 a day, a rate that its parent company, Guardian Media Group “cannot afford”.
“We are looking at everything
This article originally appeared in Â© Guardian News & Media Ltd..