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Guardian Media Group considers closure of Observer newspaper

In a sign of the times, media conglomerate Guardian Media Group has today announced that the potential closure of the world's oldest Sunday newspaper, The Observer, is one option being considered by the board. Information was released into the public via a leaked memo which was sent to staff at the newspaper shortly after midday today.

While there have been many rumours in the past regarding the potential closure of the Observer newspaper, the fact that Guardian Media Group, which owns numerous publications in the UK, lost around £90 million in the year to 29th March does not bode well for the future. Even though there are other options under review it seems as though the closure of The Observer is one which is receiving significant attention from the company's board of directors. When you consider that the publication has been in existence for over 200 years this is certainly a sign of the times and further evidence of the damage that the ongoing economic downturn is doing.

Even though part of the demise of The Observer newspaper can be associated with the new technology available to the media market there is no doubt that the economic downturn has also affected advertising revenue.

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