Stephen Glover on the press: Miliband needs editors on his side if he is to realise his political ambitions

If Mr Brown is not sure whether or not he is finished, he should perhaps turn to the columns of Philip Stephens in the Financial Times. Mr Stephens is a bellwether of fashionable political opinion. If he is selling shares in Brown, it may be time to offload any remaining investments you have in the Prime Minister.

Last week, Mr Stephens reminisced how the "the liberal commentariat dribbled and drooled over Mr Brown" when he took command just over 13 months ago. Quite true, of course. Though hardly part of the liberal commentariat, I may have even done a bit of dribbling myself. Yet where are his erstwhile supporters? It is difficult to think of any remaining Brownite columnists. Almost all those noble creatures have fled the field of battle.

We know the reasons, of course. Yet it is notable that while the editors of The Sun and the Daily Mail have not yet unsheathed their swords against the Prime Minister, a number of left-wing columnists have. Jacky Ashley of The Guardian is a prime example. Columnists are important, not necessarily individually, but as people who help create the political weather. One can't help wondering whether Mr Brown should have spent more time with members of the "liberal commentariat", and less with editors.

Incidentally, the columnist who, though certainly no Brownite, is thought to know better than any others how much toothpaste he has put on his toothbrush on a particular morning is Rachel Sylvester of The Times, formerly of the Daily Telegraph. In her column last Tuesday she mentioned that she had "spoken to a junior minister who claims to be prepared to resign in September in protest against Mr Brown's leadership, and believes that nine other government members could follow suit". The splash headline in that morning's London Evening Standard was "Ten ministers ready to quit."

Let us assume that, at the very least, the Prime Minister will this autumn have to see off a challenge of some sort. Indeed, one might say he has already received one in the shape of David Miliband. The relatively sophisticated constituency which will determine Mr Brown's fate comprises Labour MPs and ultimately, should it ever come to a vote, trade unionists and party members as well. Such people are unlikely to be much swayed by any residual sympathy which the right-wing Mail and Sun may have for Mr Brown. They will look at the polls, and then turn to titles that traditionally care about Labour – the Guardian, the Daily Mirror and, to some extent, The Independent. A few may also open The Times and the Financial Times.

As I say, it is difficult to find many encouraging words for Mr Brown, either from columnists on these newspapers or in their editorials. But, with the exception of a handful of writers such as Ms Ashley, Mr Brown has hardly been formally dumped. He just does not have much support. The final verdict has not been delivered. In any struggle for power, columnists and leader writers will no longer be passing general judgment on Mr Brown but making a choice between him and a challenger, mostly likely Mr Miliband.

And here, it must be said, Mr Miliband has not yet got much traction. He has received in recent months the endorsement of the odd Blairite columnist – John Rentoul of The Independent on Sunday springs to mind. It is true that the Guardian happily ran his treacherous piece last week, but any paper would have done the same, and publication implied no particular fondness for Mr Miliband. The Daily Mirror gave the young pretender a tolerant reception, but there was no discernible groundswell of opinion in his favour throughout the press.

These are early days, and things may change. The absence of enthusiasm for Mr Miliband is significant, though, the more so given such widespread disenchantment with Mr Brown. It reflects his lack of support among many Labour MPs. Perhaps Mr Miliband has not cultivated enough editors and columnists, and matters will improve for him if, or when, he does. Perhaps he has been hobbled by the sometimes abrasive approach of Sarah Schaefer, his special adviser who handles the media, and who is alleged to have put some backs up. Or maybe only a very few people think Mr Miliband is up to the job.

Whatever the explanation, he is not exactly being carried shoulder high at the moment. This makes me wonder whether, if it comes to a fight, Mr Miliband will get the media support he needs. It even makes me wonder whether he will risk a fight at all. We have an unpopular Prime Minister but few plausible replacements. And the only candidate who has peeked above the parapet has, so far, garnered very little press support at all.

The truth behind 'Guardian' profits

Last week Guardian Media Group (GMG) unveiled profits of £306.4m for the year to the end of March – figures which in the present climate seem almost fantastic. They have been boosted by GMG's disposal of a 49.9 per cent stake in Trader Media Group, on which the group made a profit of £334.8m.

Closer examination reveals that its core businesses were not immune to current trading conditions. Profits were down at its regional newspapers as a result of the decline in classified advertising. So were they at GMG Radio, and in the half of Trader Media Group still owned by GMG. More worryingly, the Guardian and the Observer plus their website lost £24.9m. GMG says this figure includes costs associated with moving the newspapers' offices to King's Cross. It says the actual operating loss of the Observer and Guardian minus the website was £13.4m. Classified advertising was down 4 per cent, but GMG claims that the mainstay of public recruitment is resilient.

Given the economic climate, and perhaps more pertinently the likely advent of a Tory government which may share out public recruitment advertising more evenly, the Guardian and Observer are almost certain to lose more money for the foreseeable future, and to go on losing money for as long as one can see. This has encouraged speculation that the time may come when GMG will no longer be able to sustain the losses of its national newspapers.

If so, it won't be soon. GMG has a £200m investment fund, and within a few years is likely to sell its remaining stake in Trader Media Group, as well as its share in Emap, which it owns jointly with the private equity group Apax. The loss-making Guardian and Observer still have a comfortable – and, to other groups, enviable – cushion.

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