Guardian takes a loss on Emap

Guardian Media Group is set to take a big hit on its investment in publisher Emap, with an impairment of up to £150m. The group, which is undertaking a buy-back of about £100m of its £700m debt, is expected to write its original investment down by 50 per cent. That would push the group to a full-year loss for the second year in a row. Last year it suffered a pre-tax loss of £90m.