Guardian Media Group reported to be announcing a new round of job cuts
Guardian Media Group, parent to The Guardian and The Observer, is set to announce a new round of job cuts according to media industry sources.
Media Week reports that an internal meeting at GMG today (Tuesday, July 17), being described internally as 'strategy briefings' will confirm that another difficult year of trading will result in the re-emergence of a voluntary redundancy programme.
It is reported that the publishing arm will report a growth in losses of around £40m, with another £10m in losses from IT costs and other factors. The Telegraph last week said that the losses were likely to be at the £45m mark however.
A source told Media Week the group remains on target to achieve this goal, and in its annual report later this week is expected to unveil digital revenues slightly ahead of budget, tipping around £50 million.
The Telegraph has also speculated that the Guardian could move to a tabloid format in order to cut costs.