Media: GNM staff to be axed after £44.2m losses

Guardian News & Media, home to The Guardian and The Observer, is to make up to 100 editorial roles redundant before March 2013, following losses of £44.2m over the past financial year.

Guardian Media Group's publishing division will restart its voluntary redundancy scheme, which ran throughout much of last year, with immediate effect. In editorial, the loss of around 100 roles from a team of 650 is expected to reduce costs by £7m, although a similar voluntary initiative last year only produced a third of departures required.

GMG does not release its full annual report until August, but last week revealed operating losses before exceptional items and amortisation at GNM of £44.2m, up from £38.3m the year before. This figure is expected to rise further once a number of exceptional items are taken into account, which the company did not detail.

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