Guardian Losing $50 Million a Year?

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These numbers are mind-boggling:

Guardian News & Media has lost nearly £200m in the past six years as it pursues its ambition of being the “world’s leading liberal voice”.
GMG already enjoys advantages over some of its commercial media rivals. Ownership by the Scott Trust means it does not have to answer to shareholders. The group has a cash and investment fund of £254m. Those other assets such as its 50 per cent stake in Trader Media Group and a 33 per cent share in Top Right are security for the loss-making news business. . . .
Two years ago, as he committed GMG to a “digital-first strategy”, Mr Miller warned staff the newspaper’s losses were so great it could run out of money in “three to five years”. The latest losses of £31m for the year to the end of March were an improvement on the £44m of the previous 12 months and he took succour from a 28.9 per cent rise in digital revenues.

Converting pounds to dollars (£1 = $1.64), you find £200 million equals about $325 million. Divide that by six and you find that they’re losing money at a rate in excess of $50 million a year. The £31 million the Guardian group lost in the most recent year is more than $50 million. The £44 million they lost in the previous year was $72 million.

Seventy-two million dollars in losses in a single year!

This is not a business strategy. It’s insanity.

 

37 comments

  1. If I had only a tiny fraction of that money they are losing I could boost my local park district’s total tax budget of only $17,000 and keep it from going insolvent anywhere in the next 18-24 months.

    Perhaps Mr. Greenwald jumped ship because he knew about the state of the paper’s finances?

  3. This is not a business strategy.
    It is if you’re a socialist. So long as the workers control the means of production eventual victory is assured, comrade!

  6. The problem with socialism is that you eventually run out of other people’s money.

    “Progressivism” is a mental deficiency so why would we expect anything less from them.

    The good news is that the Koch Brothers can pick up a bunch of cheap media outlets in the next few years at fire sale prices…

  7. I think it fantastic that the prime backers of the traitor scum Snowden will go down.
    Unfortunately it will not happen soon enough.

  11. Liberalism is a mental illness and the libtard media outlets are run by insane people. That they are sinking financially should be no surprise to anyone.

  12. This “Scott Trust” is one of many such institutions that keep the left in business. Their biggest and most successful scam has been infiltrating and and perverting family charities, trusts and other non-profit organizations and looting them. The Ford Foundation is a perfect example.

    The left could never survive on the support of its actual donors. They feed off the wealth of the capitalists they scorn and of course they don’t care if they lose money. It was never theirs to begin with.

  13. Why would they want to? Nobody reads those papers, and if it wasn’t for trapped audiences in airports, old folks’ homes and restaurants lefty nets like CNN and MSNBC would have no audience at all.

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