The Guardian’s parent company will cut its budget by 20 percent, with the goal of breaking even within 3 years

You might have heard: The Guardian lost £70 million (about $100 million) in 2015, and Financial Times reported that jobs may be cut as a result (Financial Times)

But did you know: Guardian News & Media, the publisher of The Guardian, is aiming to break even within three years by reducing its budget by 20 percent, or just over £50 million (about $71 million). The company’s operating costs have increased by 23 percent in the last five years, while revenue has only grown by 10 percent. Guardian News & Media’s chief executive David Pemsel declined to comment on whether jobs would be cut. Guardian editor in chief Katherine Viner says: “Over the next three years, a growing and far deeper set of relationships with our audience will result in a reimagining of our journalism, a sustainable business model and a newly-focused digital organization that reflects our independence and our mission.”

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from American Press Institute http://ift.tt/1PfMUJz