London (AFP) - The parent company of The Guardian is planning to cut 250 jobs, including 100 in the newsroom, as it attempts to balance the books within three years, the newspaper reported Thursday.
Editor-in-chief Katharine Viner and chief executive David Pemsel sent a joint email to staff saying that the "volatile media environment" had led to an "urgent need for radical action", but that they hoped the redundancies would all be voluntary.
Operating losses amounted to Â£58.6 million ($84.8 million, 75.0 million euros) in the year to the end of March 2015, according to the online report.
A spokeswoman for Guardian News and Media confirmed that the company was consulting on proposals "to reduce our UK headcount" but declined to give numbers.
She said there were "no plans" to close The Guardian's sister Sunday newspaper, The Observer.
"In January we unveiled our strategy to address the balance of costs and revenues across Guardian Media Group, targeting new revenue streams and a 20 percent overall reduction in our current cost base, with an aim to break even at an operating level by 2018/19," the spokeswoman 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."
The proposal is to cut the UK workforce by 18 percent, or 310 jobs, according to theguardian.com report.
About 60 positions remain unfilled, so the company is hoping to cut 100 jobs from the 725-strong editorial workforce and 150 from commercial and support departments.
The Guardian also employs 210 people in its US and Australian operations, who will be unaffected.
The consultation is due to last for eight weeks.
The news comes at a turbulent time for newspapers, as they struggle to adapt to falling advertising revenues.
Next week The Independent will print its last edition and become a digital only newspaper, after paid circulation slumped to about 40,000.
As well as the job cuts, The Guardian has given up on plans to turn a former train depot in London's King's Cross area, the Midland Goods Shed, into an events space.