Observer
I never thought the reccession is that bad! or may be I belong to that part of the world where the economy is always in turmoil, as we never enjoyed the boom so reccession was nothing new for us. Worse cannot get more bad! After reading such news stories I feel the developed world is facing a serious situation if bussinesses like the Guardian Media Group has reported a pre-tax annual loss of nearly $150 million.
According to Times online closure of The Observer, the world’s oldest Sunday newspaper, is actively being considered, the chief executive of the company behind the 218-year old title told staff in an internal email sent shortly after 12.30pm today.
Carolyn McCall, chief executive of Guardian Media Group, said the publisher, which also owns The Guardian was “examining every aspect of… publishing strategy and titles” and that “a wide variety of different options, approaches and scenarios is being developed and will be considered”.
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.
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.
