Guardian Media Group is expected to report an operating loss for the financial year to the end of March, the company said today.
The company's national newspaper division, Guardian News & Media, publisher of the Guardian and the Observer and guardian.co.uk, will report a loss of about £35m in the year to the end of March 2009.
The regional newspaper division, GMG Regional Media, will make an operating profit of less than £1m, down from the previous financial year's operating profit of £14.3m.
GMG Radio and GMG Property will both report operating losses.
GMG has a 30% stake in Emap, which is due to make a £100m profit, while Trader Media Group, in which it has a just over a 50% stake, will also make about £100m profit.
But GMG will not receive any cash from these joint ventures with private equity firm Apax, with the money going towards paying off debts.
The company said GNM display advertising revenues have fallen by about 30% year on year during the last financial year, with recruitment down 40%.
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Let me get this right. The Guardian and Observer LOSE £35m. The Manchester Evening News and other regional bits make a modest PROFIT. So, the way forward? Slash the MEN's staff by almost half. Which MBA course did the GMG's beancounters attend?
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