Guardian Media Group hit with record £173m loss

gmgGuardian Media Group will this week reveal a higher than expected full-year operating loss of £69m as the owner of The Guardian newspaper battles to bring its finances under control.

GMG’s total pre-tax loss will hit £173m as the group belatedly writes down about £80m in the value of its stake in Ascential, the publicly quoted magazine and events company, and takes a £20m restructuring charge over severance payments.

GMG has exceeded its target of cutting 250 jobs, with 70 journalists taking voluntary redundancy as the media group struggles to deal with the harsh advertising environment that is hurting print publications.

For the full story read The FT

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