Thursday 17 March 2016 2:04 pm

Newspaper publisher Guardian Media Group announces plans to cut 250 jobs as part of bid to break even

Guardian Media Group, the owner of The Guardian and Observer newspapers, has announced plans to cut 250 jobs.

The publisher said 100 of the jobs will be editorial and also said it would be restructuring less profitable parts of the company.

The other 150 jobs are expected to come from commercial departments.

Read moreGuardian reveals cost-cutting plans

The shake-up is part of an attempt by the company to break even within three years.

The company reported an operating loss of £58.6m in the year to the end of March.

In total, GMG wants to cut 310 jobs, or about 18 per cent of the workforce. Around 60 of the positions are currently unfilled.

The Guardian first revealed plans to cut costs by 20 per cent over the next three years in January as part of plans to break even by 2018/19.

A Guardian News and Media spokesperson said: “Today we have shared with colleagues a series of proposals, which include plans to reduce our UK headcount. These proposals form the basis of a consultation process, which begins today."

According to The Guardian, its print advertising revenue fell by an estimated 25 per cent in the year to March. This decline was not offset by digital revenues.