Jump to content

Guardian Media Group

Page semi-protected
From Wikipedia, the free encyclopedia

For the American media company, Guardian Enterprise Group, see .2 Network.
Guardian Media Group plc
Company typePublic
IndustryMedia
Founded1907; 117 years ago (1907) (Manchester Guardian)
1993 (1993) (Guardian Media Group plc)
FounderC. P. Scott
Headquarters
London
,
United Kingdom
Area served
England, Wales
Key people
Anna Bateson (CEO)
Charles Gurassa (Chair)
ProductsNewspapers, websites
RevenueIncrease £264.4 million[1] (2022-23)
Decrease £-21.3 million[1] (2022-23)
OwnerScott Trust Limited
DivisionsGuardian News & Media
Top Right Group (formerly Emap)
GMG Property Services Group
Websitewww.theguardian.com/gmg

Guardian Media Group plc (GMG) is a British-based mass media company owning various media operations including The Guardian and The Observer. The group is wholly owned by the Scott Trust Limited, which exists to secure the financial and editorial independence of The Guardian in perpetuity.

The Group's annual report (for the year ending 2 April 2023) indicated that the Scott Trust Endowment Fund was valued at £1.24 billion, while in 2021 it was valued at £1.14 billion.[2]

History

The company was founded as the Manchester Guardian Ltd. in 1907 when C.P. Scott bought The Manchester Guardian (founded in 1821)[3] from the estate of his cousin Edward Taylor.

It became the Manchester Guardian and Evening News Ltd when it bought out the Manchester Evening News in 1924, later becoming the Guardian and Manchester Evening News Ltd to reflect the change in the morning paper's title. It adopted its current name in 1993.

In 1991, it had a 20% stake in a consortium which included London Weekend Television, Scottish Television, The Walt Disney Company and Carlton Communications for a new ITV breakfast franchise called GMTV.

Guardian Monthly was a glossy magazine published by the Guardian Media Group for readers around the world.[4] Launched in November 2006,[5] it made selections from The Guardian and The Observer's magazine supplements available to an international audience of English-speakers.[6] Issues contained interviews with cultural figures, features about world issues, and regular articles on travel, books, sport, health, fashion, food and photography. In July 2007, the Guardian Media Group announced the cancellation of the Guardian Monthly.[7] In a letter to subscribers, Will Ricketts, Guardian Monthly's publisher, explained the reasons for the cancellation of the monthly magazine:

The company is taking a long-term strategic view of its activities and although Guardian Monthly has performed well in the busy and competitive international marketplace, we have decided that it is not the right time to continue with a global magazine offering.

In March 2007, GMG sold 49.9% of Trader Media Group to Apax Partners, in a deal that valued Trader Media Group at £1.35 billion. In December 2007, it was announced that GMG and Apax had made a successful bid to buy Emap's business-to-business arm for around £1 billion.[8]

In February 2010, the group sold its GMG Regional Media division (consisting of two companies MEN Media and S&B Media which operated 31 local and regional newspaper titles) to Trinity Mirror for £44.8 million. The sale eroded the connection between The Guardian and Manchester as the sale of the Manchester Evening News was included in the package.[9] The division's local television station for Greater Manchester, Channel M, and two newspapers in Woking were not included in the sale.

In June 2012, GMG sold its GMG Radio division, which operated Real Radio and Smooth Radio, to Global Radio.[10][11]

In January 2014, GMG disposed of its remaining interest in Trader Media Group.[12]

Carolyn McCall was the chief executive of Guardian Media Group and chair of Guardian News and Media Limited from 2006 until June 2010, when she was appointed chief executive of EasyJet.[13] Andrew Miller, previously the chief financial officer of the Group, was chief executive from July 2010 to 2015. David Pemsel took his place in 2015.[14]

In October 2017, the Guardian Media Group reported a plan to launch a new £42 million venture capital fund.[15] That plan was consummated, making the Scott Trust a limited partner in GMG Ventures LP. According to the GMG 2018 annual report, "this £42m venture capital fund is designed to contribute financial returns and to support GMG's strategy by investing in early stage businesses focused on developing the next generation of media technology".[2]

In January 2020, it was announced that Annette Thomas would become the new chief executive in March 2020.[16] Thomas was formerly editor of Nature, MD of Nature Publishing Group and chief executive of Macmillan Science and Education. She replaced David Pemsel who left to take up a role at the Premier League.[17]

In May 2021, The Daily Telegraph reported Guardian editor Katharine Viner and Thomas were in conflict over finances and the direction the newspaper should take. The previous year The Guardian announced 180 job cuts. Thomas had earlier said at a media industry conference "we have quality content in spades ... the job at hand is to now go further by strengthening the growing elements of our business". Viner wanted renewed investment after better than feared financial results in 2020.[18] On 9 June 2021, it was announced that Thomas would leave the Guardian Media Group at the end of the month.[19][20]

In August 2022, Anna Bateson was appointed as chief executive.[21] Subsequently Anders Jensen, chief executive of Viaplay, resigned as a GMG non-executive director because of the appointment process, in particular the level of influence exerted by Guardian editor Katharine Viner.[22]

In September 2024, The Guardian revealed it was in talks to sell The Observer to news website Tortoise Media.[23][24] Journalists at Guardian Media Group voted to condemn the sale and passed a vote of no confidence in the newspaper’s owners, accusing it of betrayal amid concerns that the sale of the paper could harm the financial security of staff members.[25][26]

Group structure

GMG's core business is Guardian News & Media Limited, publisher of theguardian.com, and The Guardian and The Observer newspapers. Guardian News & Media was formed as Guardian Newspapers Limited in 1967, adopting its present name in 2006.

The group has a portfolio of investments to help support its journalism.[27] They comprise:

  • Ascential: an international business-to-business digital intelligence and events business.
  • An externally managed investment fund.

Guardian Media Group exists to support the core purpose of its owner, Scott Trust Limited: to secure the financial and editorial independence of The Guardian in perpetuity,[28] but in the 2011/12 year the group lost £75.6 million,[29] and for the three years up to June 2012, the paper itself lost £100,000 a day - leading The Economist's Intelligent Life magazine to question whether The Guardian could survive.[30] In late 2013, GMG sold their GMG Property Services Group to private equity firm Lloyds Development Capital (rebranded to Property Software Group), citing that it would allow them to focus on investing in the core part of their business—Guardian News and Media.[31] In 2014, The Guardian launched a membership scheme, aiming to avoid introducing a paywall and maintaining open access to the website. As of 2018, this approach was considered successful, having brought more than 1 million subscriptions or donations, with the paper hoping to break even by April 2019,[32] a goal they achieved in May 2019.[33]

References

  1. ^ a b "Annual Report and Consolidated Financial Statements for the year ended 2 April 2023" Archived 16 February 2024 at the Wayback Machine, Guardian Media Group
  2. ^ a b "Guardian Media Group plc (GMG) publishes 2021/22 statutory financial results". The Guardian. 20 July 2022. Archived from the original on 2 January 2023. Retrieved 3 January 2023.
  3. ^ "Guardian Media Group PLC". Gmgplc.co.uk. Archived from the original on 30 June 2015. Retrieved 25 October 2013.
  4. ^ "Guardian to launch monthly mag". Press Gazette. 5 September 2006. Archived from the original on 28 September 2018. Retrieved 27 September 2018.
  5. ^ "Media choice: Guardian Monthly". Campaign. 29 November 2006. Archived from the original on 28 September 2018. Retrieved 27 September 2018.
  6. ^ Armstrong, Murray (5 October 2006). "New Guardian Monthly mag to be launched". The Guardian. Archived from the original on 28 September 2018. Retrieved 27 September 2018.
  7. ^ Gazette, Press (30 July 2007). "Guardian Monthly ceases publication". Press Gazette. Archived from the original on 28 September 2018. Retrieved 27 September 2018.
  8. ^ Mark Sweney (21 December 2007). "Emap confirms B2B sale to GMG and Apax". the Guardian. Archived from the original on 21 June 2016. Retrieved 11 December 2016.
  9. ^ "Manchester Evening News sold by Guardian Media Group". Manchester Evening News. 9 February 2010. Archived from the original on 9 September 2012. Retrieved 9 February 2010.
  10. ^ "Global Radio acquires GMG Radio". The Guardian. 25 June 2012. Archived from the original on 16 February 2024. Retrieved 16 February 2024.
  11. ^ "Ofcom and OFT to investigate £70m GMG Radio sale". Press Gazette. 3 August 2012. Archived from the original on 16 February 2024. Retrieved 16 February 2024.
  12. ^ "Guardian Media Group to divest holding in Trader Media". The Guardian. gmgplc.co.uk. 21 January 2014. Archived from the original on 24 January 2014. Retrieved 25 January 2014.
  13. ^ Davies, Caroline (23 March 2010). "Guardian group chief executive Carolyn McCall to join easyJet". The Guardian. Archived from the original on 22 December 2015. Retrieved 12 December 2015.
  14. ^ Sweney, Mark (18 June 2015). "Guardian Media Group appoints David Pemsel as chief executive". The Guardian. Archived from the original on 15 December 2015. Retrieved 12 December 2015.
  15. ^ "The Guardian turns venture capitalist in hunt for new income". The Telegraph. 18 October 2017. Archived from the original on 12 January 2022.
  16. ^ Waterson, Jim (14 January 2020). "Guardian Media Group appoints new chief executive". The Guardian. Archived from the original on 15 January 2020. Retrieved 15 January 2020.
  17. ^ Mayhew, Freddy (14 January 2020). "Guardian group names scientist Annette Thomas as new chief executive". Press Gazette. Archived from the original on 14 January 2020. Retrieved 15 January 2020.
  18. ^ Williams, Christopher (17 May 2021). "Guardian leaders clash over 'who calls the shots'". The Daily Telegraph. Archived from the original on 12 January 2022. Retrieved 18 May 2021.
  19. ^ "Chief executive Annette Thomas to leave Guardian Media Group". The Guardian. 9 June 2021. Archived from the original on 9 June 2021. Retrieved 9 June 2021.
  20. ^ Field, Matthew (9 June 2021). "Guardian boss steps down in wake of power struggle". The Daily Telegraph. Archived from the original on 12 January 2022. Retrieved 9 June 2021.
  21. ^ Waterson, Jim (25 August 2022). "Guardian Media Group appoints Anna Bateson as chief executive". The Guardian. Archived from the original on 22 December 2022. Retrieved 22 December 2022.
  22. ^ Warrington, James (22 December 2022). "Guardian shuts offices after ransomware attack". The Daily Telegraph. Archived from the original on 21 December 2022. Retrieved 22 December 2022.
  23. ^ Warrington, James; Mawardi, Adam (17 September 2024). "The Guardian in talks to sell The Observer to former BBC News chief". The Telegraph. Archived from the original on 18 September 2024. Retrieved 22 September 2024.
  24. ^ Farber, Alex; Cahill, Helen (17 September 2024). "Guardian Media Group in talks to sell The Observer". The Times. Archived from the original on 18 September 2024. Retrieved 22 September 2024.
  25. ^ Cahill, Helen; Farber, Alex (19 September 2024). "Journalists revolt over planned sale of Observer to Tortoise Media". The Times. Archived from the original on 19 September 2024. Retrieved 22 September 2024.
  26. ^ Warrington, James (19 September 2024). "Guardian staff accuse management of 'betrayal' over Observer sale talks". The Telegraph. Archived from the original on 19 September 2024. Retrieved 22 September 2024.
  27. ^ "Our investments | Guardian Media Group PLC". Gmgplc.co.uk. Archived from the original on 2013-10-23. Retrieved 2013-10-25.
  28. ^ "The Scott Trust - The Guardian". the Guardian. Archived from the original on 2015-07-18. Retrieved 2012-06-26.
  29. ^ "Guardian Media Group plc (GMG) announces full-year results for 2011/2012". the Guardian. 10 August 2012. Archived from the original on 14 May 2015. Retrieved 28 June 2013.
  30. ^ "Can The Guardian Survive?". More Intelligent Life. Archived from the original on 2014-08-19. Retrieved 2013-10-25.
  31. ^ "Private equity backing for £17.8m buyout of GMG group". 19 December 2013. Archived from the original on 2021-07-22. Retrieved 2021-07-21.
  32. ^ Viner, Katharine (12 November 2018). "The Guardian's reader funding model is working. It's inspiring". The Guardian. Archived from the original on 12 November 2018. Retrieved 12 November 2018.
  33. ^ Viner, Katharine (1 May 2019). "The Guardian breaks even against the odds: we couldn't have done this without you". The Guardian. Archived from the original on 1 May 2019. Retrieved 1 May 2019.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Guardian_Media_Group&oldid=1251801150"