The Guardian is to slash its costs by £54 million over the next three years and could start charging for some of its content after burning through £80 million of cash in only a year.
David Pemsel, the chief executive of Guardian News & Media, told staff that he had no option but to cut operating costs by a fifth after revealing that the media group’s cash pile had fallen from £838.3 million to £735 million in the year to March 31.
“Growing the cost base more than revenue is simply not sustainable,” he told the newspaper’s 1,800 London staff. “We need to create a confident and secure footing to then be able to be as innovative and progressive as we’ve always been. I don’t