Tortoise Media reduces losses after cutting spending and staff Company that has agreed to buy the Observer reports a pre-tax loss of £3.8m for 2023 after shedding some roles.
The number of staff working in editorial and production fell to 44, down from 52, administrative and support staff reduced to six from eight people, and commercial staff rose to 14 from 12.
Tortoise Media, which has agreed to buy the Observer newspaper, has reported a smaller annual loss after reducing spending and cutting some staff.
Tortoise said 2023 was a “challenging year for consumers and as a result the competition for news and information subscriptions were hard fought” with alternative sources posing a “significant threat to quality journalism”.
Tortoise was launched in 2019 by James Harding, a former editor of the Times and former director of news at the BBC, and Matthew Barzun, a former US ambassador to the UK.
