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U.K.’s Guardian Plans to Cut Costs by $40 Million, FT Reports

June 17 (Bloomberg) -- Guardian News & Media Ltd., which publishes the Guardian daily newspaper and the Observer each week on Sunday, aims to cut its costs by 25 million pounds ($40 million) in the next five years to staunch losses, the Financial Times reported, citing Andrew Miller, the chief executive officer of Guardian Media Group Plc, the parent company.

Miller told staff that the “transformational program” will involve job losses and may mean reducing the number of pages in the Guardian’s weekday edition, the FT said.

Guardian News and Media, which is likely to report a 35 million-pound loss in the fiscal year to March, said it wants a shift in emphasis from print to online journalism, the FT said.

To contact the reporter on this story: Alan Purkiss in London on apurkiss@bloomberg.net.

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net.

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