The Guardian is going to cut costs by 20% and job losses look inevitable

Guardian Media Group (GMG) outlined a plan to cut costs by 20% on Monday.

The company has rising losses of £50 million ($71 million), according to The Drum. It is hoping to break even by 2018/19 with a new three year plan.

The Guardian did not give details about staff cuts to the editorial or commercial teams. However, The Times reported that Editor Kath Viner is expected to inform staff of job cuts next week. The media company last had redundancies in 2012.

Viner said in a press release: "Over the next three years, a growing and far deeper set of relationships with our audience will result in a reimagining of our journalism, a sustainable business model and a newly-focused digital organisation that reflects our independence and our mission."

Chief executive David Pemsel added: "Against the backdrop of a volatile market, we are taking immediate action to boost revenues and reduce our cost-base in order to safeguard Guardian journalism in perpetuity. This plan will ensure our business is increasingly adaptable and better able to respond quickly to the pace of change in the digital world."

GMG also announced that it would relaunch its struggling membership offer, implement a new advertising model with a focus on branded content, video, and data. It will focus international growth on the US and Australia.