The British media group that publishes the
Guardian
is considering closing their Sunday paper, the
Observer
, which has been in print since 1791, as part of a cost-cutting drive triggered by a drastic plunge in the group’s finances.
Sources reveal that members of the Scott Trust, the charitable foundation that owns The Guardian Media Group, discussed the plan on July 6. They were shown trial copies of an
Observer
-branded news magazine that would replace the paper and be published on Thursday.
Apparently, the Guardian Media Group has reported a pre-tax annual loss of nearly $150 million.
Closure of The Observer will bring an end to a 218-year publishing era. It was set up in 1791 by WS Bourne, and its editors have included David Astor and Donald Trelford.
It reached a peak circulation of 1.3 mn copies in 1979, but now hovers at about 4,00,000 a week.