'The Observer at risk as GMG cuts costs'

The Sunday Times claims today that the Guardian Media Group is considering closing The Observer, the world’s oldest Sunday newspaper, as part of a cost-cutting drive.
The story claims that the paper could be replaced by an Observer-branded news magazine that would be published on a Thursday. Alternatively the Observer could be slimmed down with fewer staff and other cost savings made across the group, the Sunday Times says.
GMG declined to comment to the Sunday Times.