The Guardian is in a "financial mess" the Daily Telegraph tells its readers today in a hostile review of the newspaper's finances.
The Telegraph quotes Lorna Tilbian, a media analyst at Numis, saying: "The Guardian is being artificially propped up by Auto Trader and they will have to change things because a good, vibrant business shouldn't need to reinvest every penny it generates.
"The problem they've got is that they're never going to get back the revenue they've lost from public sector advertising, circulation is on a long downward slope and they are giving away their digital content.
"I think they will have to start charging for their online content if they are to improve their finances."
It says: "Staff at the newspapers are putting their faith in the fact that as chief financial officer of Trader Media Group he [Miller] spearheaded Auto Trader's transformation from a successful magazine to an equally successful – and profitable – website.
"He has recognised that there needs to be clearer leadership and a clear sense of direction for the company, and he has got a plan," said one insider. "There is a lot more confidence than there was this time last year, before he took over."
The Telegraph concludes: "Even if Mr Miller manages to double digital revenue, however – and it is a big if – he still wants the print editions to save £25m over the next five years to generate money for investment in online content.
"Unless they can do so, the future of The Guardian and The Observer, in hard copy at least, will remain uncertain."