Guardian to make redundancies as losses increase

Guardian News & Media, the publisher of the Guardian and the Observer, has asked journalists to consider taking voluntary redundancy after reporting an operating loss of £44.2 million for 2011. The newspapers are looking to save £7 million from the editorial budget this year as part of a five-year plan to save £25 million and to focus more on online publishing by 2016/17.

  • Operating loss grew 42 percent from £33.1 million to £44.2 million ($69 million)
  • Digital revenue growth of 16.3 percent to £45.7 million (making up for lost print revenue)
  • Overall company revenue stayed broadly unchanged from last year at £196.2 million
  • U.S. audience grew 80 percent to 20 million unique monthly readers
  • Total audience grew 38% to 67.8 million unique monthly readers

Editor-in-Chief Alan Rusbridger said: “Having the foresight to start exploring digital platforms as early as 1999 has given us a great foundation on which to build a secure future for the Guardian. This has been an extraordinary year for our journalism, all the more so for having the largest ever audience for our work.”

UK, London

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