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Guardian Media Group

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For the American media company, Guardian Enterprise Group, see .2 Network.

Guardian Media Group plc
TypePublic limited company
IndustryMedia
Founded1907; 118 years ago (1907) (Manchester Guardian)
1993 (1993) (Guardian Media Group plc)
FounderC. P. Scott
Headquarters
London
,
United Kingdom
Area served
England, Wales
Key people
Neil Berkett
David Pemsel
ProductsNewspapers, websites
RevenueIncrease £254.4 million (2017 - 2018)[1]
Increase £8.5 million[1]
Increase £8 million[1]
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 mass media company owning various media operations including The Guardian and The Observer. The group is wholly owned by Scott Trust Limited, which exists to secure the financial and editorial independence of The Guardian in perpetuity.

The Group's 2018 annual report (year ending 1 April 2018) indicated that its owner, the Scott Trust Endowment Fund, reported a value of £1.01 billion (2017: £1.03bn).[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 LWT, STV, 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: Template:Block quote

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 ended the historic 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, Global Radio acquired GMG Radio from Guardian Media Group plc.[10]

In January 2014, GMG disposed of its remaining interest in Trader Media Group.[11]

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.[12] 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.[13]

In October 2017, the Guardian Media Group reported a plan to launch a new £42 million venture capital fund.[14] That plan was consummated, making the Scott Trust a limited partner in GMG Ventures LP, whose Chairman & Co-Founder is David Skipwith Pemsel as of December 2018. [15] 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".[16]

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.[17] They comprise:

  • Ascential: an international business-to-business digital intelligence and events business.
  • GMG Property Services: a provider of software, technology and design solutions to the property industry.
  • 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,[18] but in the 2011/12 year the group lost £75.6 million,[19] and for the three years up to June 2012, the paper itself lost £100,000 a day - leading Intelligent Life magazine to question whether The Guardian can survive.[20] 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[21], a goal they achieved in May 2019.[22]

Corporate governance[]

Board of directors[]

The board of directors are:[23]

  • Neil Berkett (chair)
  • David Pemsel (chief executive officer)
  • Katharine Viner (editor-in-chief)
  • Alex Graham (chair of the Scott Trust)
  • Jennifer Duvalier
  • Nigel Morris
  • John Paton
  • Baroness Gail Rebuck
  • Coram Williams
  • Richard Kerr
  • Yasmin Jetha

Notes and references[]

  1. ↑ 1.0 1.1 1.2 "Annual Report and Consolidated Financial Statements for the year ended 1 April 2018", Guardian Media Group, April 1, 2018
  2. ↑ "Guardian Media Group plc (GMG) results for the financial year ended 1 April 2018". The Guardian. 24 July 2018. https://www.theguardian.com/gnm-press-office/2018/jul/24/guardian-media-group-plc-gmg-results-for-the-financial-year-ended-1-april-2018. 
  3. ↑ "History | Guardian Media Group PLC". Gmgplc.co.uk. Retrieved 2013-10-25. {{cite web}}:
  4. ↑ "Guardian to launch monthly mag". Press Gazette. 2006-09-05. Retrieved 2018-09-27. {{cite web}}:
  5. ↑ "Media choice: Guardian Monthly". Campaign. 2006-11-29. https://www.campaignlive.co.uk/article/media-choice-guardian-monthly/607053. 
  6. ↑ Armstrong, Murray (2006-10-05). "New Guardian Monthly mag to be launched". The Guardian. Retrieved 2018-09-27. {{cite web}}:
  7. ↑ "Guardian Monthly ceases publication". Press Gazette. 2007-07-30. Retrieved 2018-09-27. {{cite web}}:
  8. ↑ Mark Sweney. "Emap confirms B2B sale to GMG and Apax". the Guardian. {{cite web}}:
  9. ↑ "Manchester Evening News sold by Guardian Media Group". Manchester Evening News. 2010-02-09. Archived from the original on 2012-09-09. Retrieved 2010-02-09. {{cite web}}:
  10. ↑ "Global Radio acquires GMG Radio | Guardian Media Group PLC". Gmgplc.co.uk. 2012-06-25. Retrieved 2013-10-25. {{cite web}}:
  11. ↑ "Guardian Media Group to divest holding in Trader Media". gmgplc.co.uk. 2014-01-21. Retrieved 2014-01-25. {{cite web}}:
  12. ↑ Davies, Caroline (23 March 2010). "Guardian group chief executive Carolyn McCall to join easyJet". The Guardian. https://www.theguardian.com/media/2010/mar/23/carolyn-mccall-leaves-guardian-easyjet. Retrieved 12 December 2015. 
  13. ↑ Sweney, Mark (18 June 2015). "Guardian Media Group appoints David Pemsel as chief executive". The Guardian. https://www.theguardian.com/media/2015/jun/18/guardian-media-group-appoints-david-pemsel-as-chief-executive. Retrieved 12 December 2015. 
  14. ↑ "The Guardian turns venture capitalist in hunt for new income". The Telegraph. 18 October 2017. {{cite web}}:
  15. ↑ Bloomberg. 17 December 2018 https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=541561120. Retrieved 17 December 2018. GMG Ventures LLP is a venture capital arm of Guardian Media Group plc specializing in seed, early-stage, incubation and startup investments. The firm seeks to invest in the media technology sector with a focus on artificial intelligence and machine learning tools for journalism; advertising technology, including new formats and fraud detection; technology to enrich reader and customer experiences; payment technologies and other customer platforms; tools or platforms allowing readers to act on content that inspires them; and new forms of content distribution, via audio and voice platforms or virtual, mixed and augmented reality models. {{cite web}}: ; title
  16. ↑ "Guardian Media Group plc (GMG) results for the financial year ended 1 April 2018". The Guardian. 24 July 2018. https://www.theguardian.com/gnm-press-office/2018/jul/24/guardian-media-group-plc-gmg-results-for-the-financial-year-ended-1-april-2018. 
  17. ↑ "Our investments | Guardian Media Group PLC". Gmgplc.co.uk. Retrieved 2013-10-25. {{cite web}}:
  18. ↑ "The Scott Trust - The Guardian". the Guardian. {{cite web}}:
  19. ↑ "Guardian Media Group plc (GMG) announces full-year results for 2011/2012". the Guardian. {{cite web}}:
  20. ↑ "Can The Guardian Survive?". More Intelligent Life. Retrieved 2013-10-25. {{cite web}}:
  21. ↑ Viner, Katharine (12 November 2018). "The Guardian's reader funding model is working. It's inspiring". The Guardian. https://www.theguardian.com/membership/2018/nov/12/katharine-viner-guardian-million-reader-funding. Retrieved 12 November 2018. 
  22. ↑ Viner, Katharine (1 May 2019). "The Guardian breaks even against the odds: we couldn't have done this without you". The Guardian. https://www.theguardian.com/global/2019/may/01/the-guardian-break-even-katharine-viner. Retrieved 1 May 2019. 
  23. ↑ "GMG board". Guardian News and Media. 23 July 2015. Retrieved 28 January 2016. {{cite web}}:

External links[]

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