Left wing rags selling family silver to cover the losses of its newspapers | Race & Crime UK | Scoop.it

The Guardian Media Group is selling its family silver to cover the losses of its newspapers.

Nationalist supporters will be delighted to hear that the Guardian Media Group, the company that owns The Guardian and The Observer is selling all its lucrative assets in order to cover the loss of the two titles.

Recently Press Gazette reported how Guardian Media Group has sold off its network of radio stations to Global Radio as it seeks to shore up the finances of its loss-making national newspaper titles.

The Guardian has previously reported that the offer for GMG Radio was worth £50m.

Now it reported that the final purchase price was closer £70m.
In the 2010/2011 financial year GMG Radio reported operating profit of £0.9m on turnover of £47.1m.

GMG overall reported an operating loss of £54.5m on turnover of £255.1m for the year to 3 April 2011.

GMG's chief executive Andrew Miller said: “Our portfolio of investments that lie outside our core national newspaper business exist to underpin the long-term financial and editorial integrity of the Guardian.

If we believe that best value for the group lies in the disposal of a non-core asset, then we will do so.
In 2009 GMG sold off its regional newspaper titles, including the Manchester Evening News, to Trinity Mirror for £7.4m.

Indeed you don't need to have a PhD in finance to understand that selling the profitable bits of a company to cover the losses of some division is the best way to bankrupt it but the Marxists in charge of the GMG are doing just that and this is a good news for nationalists as the closure of those two rags will happen sooner rather than later and anybody can do his/her bit by boycotting the two titles.

The country will be far better off without them.