Guardian News & Media will not close The Observer
LONDON - Guardian News & Media (GNM) has confirmed it will not close its Sunday title The Observer.
Parent company Guardian Media Group (GMG) has said it intends to explore ways to integrate its titles after speculation that the loss-making Observer would close or be re-packaged as a weekly news magazine.
The Sunday title is 200 years old. In an internal email to staff Alan Rusbridger, editor-in-chief of GNM, warned of further job cuts and said a voluntary redundancy scheme would be reopened.
GNM, which also publishes the Guardian and its online counterpart, is conducting a strategic review and considering a range of different products and editorial structures across the Saturday and Sunday titles.
GNM made an operating loss of £36.8m in the year ending on 29 March. Parent group, GMG, also runs several regional newspapers, radio stations and Emap magazines recorded a pre-tax loss of £89.8m.
The group has launched a cost-cutting drive to shave £20m from its editorial budget and from commercial departments. So far there have been 50 voluntary redundancies from editorial and a further 82 commercial jobs have been cut.
This article was first published on marketingmagazine.co.uk
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