Guardian announces cost-cutting measures amid declining revenues
The U.K.-based print publication has been feeling the sting of reader migration to online platforms. A spokesman for the organization didn’t confirm layoffs.
Evidence of that can be seen with United Kingdom newspaper The Guardian.
On Monday, the organization announced that it will cut 20 percent—roughly $76 million a year—from its budget, with an aim to become solvent in 2018.
“Against the backdrop of a volatile market, we are taking immediate action to boost revenues and reduce our cost-base in order to safeguard Guardian journalism in perpetuity,” David Pemsel, Guardian Media Group’s chief executive, told The Wall Street Journal.
Though layoffs are to be expected in any such move, the publisher’s spokesman declined to confirm whether—or how many—of the publication’s nearly 2,000 staffers would be let go.
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