Guardian News & Media is poised to announce further annual losses of about £35m next month and will be producing a redesigned and slimmed-down edition of The Guardian newspaper on weekdays, as it looks to save money and put emphasis on its future as a "digital-first organisation".
The company's senior executives warned staff yesterday that it was seeking savings of £25m in the next five years. Job losses are inevitable at Guardian News & Media, which produces the loss-making The Guardian and The Observer titles and employs 630 journalists.
Alan Rusbridger, the company's editor-in-chief, told staff the organisation would "move beyond the newspaper" and invest further in digital products. The company is keen to expand in the United States, where it has a New York base and has built an online audience of 12 million.
Sources said the company needed to act with urgency to stem its losses and will talk with unions and staff before deciding on job cuts.
Join our new commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies