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Home , Alan Rusbridger, Berliner (format), Guardian Media Group, Guardian US, Katharine Viner, Scott Trust Limited

SMU-19-0XXX

UNITED WE THRIVE: HOW RETURNED TO THE BLACK

We have to get over this journalistic arrogance that journalists are the only people who are figures of authority in the world. If you can open your site up, and allow other voices in, you get something that’s more engaged, more involved – and actually, think, journalistically better. - , former editor-in-chief, The Guardian1

As the (GMG) senior management team members began celebrating at their King’s Cross, office, Chief Executive David Pemsel sank onto his chair, still trying to absorb the news. Almost three and a half years after he and , Guardian News and Media (GNM) Editor-in-chief, had launched a turnaround strategy for The Guardian, was the most read quality news brand in the UK.2 The loss-making British media group had also finally turned the corner in May 2019.

In January 2016, Viner and Pemsel had announced a three-year business plan to enhance operating efficiency, reduce costs and secure new growth opportunities.3 Some of their key objectives included reducing losses and aiming to break even at an operating level by 2018/19, relaunching an enhanced membership offer to double reader revenues, implementing an advertising model that tracked market trends, and focusing on growing its US and Australian operations, so as to raise their contribution to the overall business.4

The results were nothing short of spectacular. GMG’s revenues for 2018/19 hit £224.5 million (US$288.31 million5), a rise of 3% from 2018.6 This was the third successive year that revenue growth was buttressed by reader revenues, digital advertising and its international operations. 7 Digital revenue growth was even more robust, coming in at 15% to reach £125.3 million (US$160.96 million).8 In fact, digital revenue had outstripped print revenue in 2018, with the former accounting for 50.04% of total revenue (refer to Exhibit 1), and the trend had continued in 2019. The number of digital subscriptions had also surpassed that of print subscriptions in 2018, with digital subscribers numbering 190,000 while print subscribers totalled 110,000.9

Meanwhile, GNM, the core news business of GMG, had achieved its target of cutting costs by more than 20%, and fulfilled its break-even goal by delivering an operating profit at earnings before interest, tax, depreciation and amortisation (EBITDA) level of £0.8 million (US$1.03 million).10 In addition, The Guardian now had in excess of 655,000 monthly paying supporters spread across its subscribers, recurring contributors and members, with another 300,000 one-off contributors in the past year.11

This case was written by Professor Arnoud De Meyer and Thomas Lim at the Singapore Management University. The case was prepared solely to provide material for class discussion. The authors do not intend to illustrate either effective or ineffective handling of a managerial situation. The authors may have disguised certain names and other identifying information to protect confidentiality.

Copyright © 2019, Singapore Management University Version: 2019-10-03

SMU-19-0XXX How The Guardian Returned to the Black

In stark contrast, when Pemsel and Viner had just taken over from their predecessors in 2015, The Guardian had been projected to chalk up a loss of £83 million (US$106.61 million).12 In fact, from the period 2009/10 to 2014/15, it had been registering losses of more than £20 million (US$25.69 million) annually (refer to Exhibit 2), and had not registered an operating profit since 1998.13

The dismal financial performance however contrasted sharply with the international journalistic plaudits that The Guardian had received under the leadership of Viner’s predecessor, Alan Rusbridger. In particular, the would probably be remembered for how it had turned into one of the most-read English news websites globally after it broke the news on the leaks by former Central Intelligence Agency employee .14 For its ground-breaking efforts, The Guardian won the for Public Service, an Emmy, and of the Year at the 59th Walkley Awards for Excellence in Journalism among others.15

Pemsel was more than relieved that he and his team had managed to pull the turnaround off. But one could not help but dwell on what had laid the ground for the stunning reversal in The Guardian’s fortunes. How had the newspaper managed to turn its website from a primarily British media outlet into a global one? And why had it managed to survive and thrive despite not setting up a like so many of its peers?

The Guardian Media Group (GMG)

GMG was owned by The , previously a non-charitable trust established to ensure The Guardian’s permanent financial and editorial , and its safety from commercial or political intervention.16 In 2008, the trust was wound up as non-charitable trusts, unlike limited companies, had a finite lifespan. Its assets were subsequently transferred to the said limited company to secure The Guardian’s continuing autonomy.17

In the UK, GNM published The Guardian newspaper six days a week, as well as , the world’s oldest Sunday newspaper. In addition, it published The Guardian US and The , which were only available online. In the US, The Guardian had newsrooms in New York, Washington DC, and Oakland, California. As of January 2018, it had more than 300,000 paying supporters in the US, of which over 70,000 provided financial support monthly.18 Over in Australia, The Guardian’s news bureaux were located in , , Brisbane and Canberra. It had built up a base of over 65,000 paying supporters Down Under by early 2018.19

GMG was supported by The Scott Trust Endowment Fund, which comprised diversified - and long-term-focused investments that were managed by of specialist fund managers.20 The fund was intended to produce long-term gains, so that The Guardian could continue to enjoy financial and editorial freedom.21

In October 2017, GMG set up GMG Ventures, an independent venture fund, to supply additional financial income, and help sustain GMG’s game plan by investing in start-ups that aimed to grow the next wave of media technology.22 The fund primarily invested in seed and Series A- stage companies that demonstrated product market fit. In addition, these companies had to provide technology-enabled products and services, and the values of these firms and their founders had to be aligned with those of The Scott Trust and The Guardian. Among the companies that GMG Ventures had invested in were Comixify, Serelay, and DirtyLemon.23

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SMU-19-0XXX How The Guardian Returned to the Black

The Guardian also obtained philanthropic contributions through partnerships with a variety of organisations that shared its values.24 Such content was accompanied by one of the following three labels: ‘Supported by’, ‘Paid content/Paid for by’, or ‘Advertiser content/from our advertisers’.

Putting in Place a Culture of Openness

Given how GMG was already atypical in that it was “supported” by a non-charitable trust, and did not have to address the typical profit and dividend concerns of shareholders, it was not surprising that The Guardian had chosen to adopt an open approach.

Copyleft25 with Conditions Attached

In March 2009, The Guardian, in a bold , launched the Open Platform. This was a content- sharing service that allowed its partners to reuse its online content for free so long as they agreed to carry its advertising.26

Users had to choose which category they belonged to – developer or commercial – in order to use the platform. Developers were defined as those who used its content for non-commercial purposes.27 They could use the text of The Guardian’s online articles without paying, but the content they pulled could not be saved for offline use for more than 24 hours.28 In addition, these developers’ apps were barred from asking for information from The Guardian more than 5,000 times per day, and the content that had been pulled into these apps had to link back to the original Guardian article.29

Commercial enterprises and developers that wanted to monetise the website’s content meanwhile could gain access to not only the article text, but also images, audio and videos from the website.30 They however had to consent to running advertisements, the choice of which would be decided by The Guardian, since each of these advertisements generated revenue for it.31

The move appeared counter-intuitive, but from The Guardian’s perspective, every app that tapped on its content was publicising the newspaper’s name and brand, while at the same expanding its advertisement network and commercial reach, thus augmenting its earnings.32

Bringing Citizen Journalism to the Fore n0tice

In October 2011, The Guardian began roping in readers to top up its news output while trying to inject commercial feasibility into the process through n0tice, a three-in-one platform that was both a community bulletin board and a classifieds service, and also a local news wire.33

When readers visited the n0tice website, it checked whether they were using a mobile device. If they were, it proceeded to ask for permission to read their location.34 Once permission was granted, it then used the Maps geocoder and Yahoo’s geo services to obtain their latitude and longitude, and thereafter displayed what had been published on n0tice near their current location.35 These readers in turn could also post what they saw around them on the site.

While the platform was free for users, it was supported by advertisements to ensure that the service would also generate revenue. Although anyone could list an item that they wanted to sell on n0tice

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SMU-19-0XXX How The Guardian Returned to the Black for free, they had to purchase promotional positions, the price of which depended on the size of the positions chosen, as well as the duration for which they wanted the advertisement to appear.36

The platform turned out to be such a phenomenal success that it was spun off as an independent company called Contribly in 2016.37

In 2012, then editor-in-chief Rusbridger put forward his belief that being open was the only way forward because a newspaper that is closed off from the Internet “is going to have to try and generate everything itself”, and that was neither wise nor anymore.38 Taking this belief one step further, he noted that readers could, and were keen to, supply “stories, ideas and information”, and would opt for other media outlets if they could not “connect” with a certain publication.39 And whereas several media outlets were erecting , Rusbridger argued that making readers pay for content both diminished “the visibility, reach and influence” of a newspaper, and produced “inferior journalism”.40

GuardianWitness

From April 2013 onwards, The Guardian started letting its readers contribute content to its website. Through the GuardianWitness app, which was launched in partnership with British telco EE, users could share videos, pictures and text with The Guardian’s editorial team, while also looking through contributions from other GuardianWitness users.41

Specifically, readers could use the app to respond to “assignments” set by The Guardian editors, contribute to breaking new stories, or send in content or ideas about stories or topics that could interest The Guardian’s readers.42

Response to the app was more than enthusiastic – it was downloaded over one million times and more than 80,000 news stories were published through it.43 It went on to win three major awards: Best Consumer App at the Event Technology Awards, Innovation of the Year at the British Journalism Awards, and Best Entertainment App at the Mobile Entertainment Awards.44

The app however was terminated by end-September 2018 as readers had increasingly switched to responding to community callouts via the Community section of The Guardian website, as well as through social media instead.45

Working with Supposed Rivals

In March 2015, in yet another ostensibly counter-intuitive move, The Guardian decided to work with other established media outlets to set up the Pangaea Alliance, a new digital programmatic advertising proposition.46 Initially comprising CNN International, the , , , and The Guardian as the founding lead partner,47 the alliance combined together the audiences of all the publishers into a single entity, so that advertisers could purchase advertising space across all of their sites in a single transaction. As a result, advertisers had access to a total of 110 million readers around the globe.48

The key rationale for the initiative was that publishers on their own were unable to contend on an even footing with , which had about 1.4 billion monthly active users, whereas The Guardian had only 43 million monthly unique desktop users, according to American media measurement and analytics company Comscore.49 Through the network, the publishers could better narrow the gap and impose higher advertising rates, which could be shared across the group.50

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SMU-19-0XXX How The Guardian Returned to the Black

Also, through this collaboration, the publishers could share first-party data, so as to form unique audience segments.51 For instance, subscription data from one publisher could be put together with behavioural data from another to make up a more comprehensive profile of a user that an advertiser would be willing to fork out a premium for.52 Moreover, with the alliance, pan-regional campaigns were no longer a pipe dream, since its readers were spread across North America, Europe, the Middle East and Asia Pacific.53

As for the advertisers, they were assured that their advertisements were appearing next to quality content amid various accountability concerns surrounding programmatic spending.54 Furthermore, tapping on the network would be a seamless experience since they needed to communicate with only one point of contact, despite running advertisements across the various media outlets making up the alliance.55

By 2017, the Financial Times and The Economist had left the alliance, and Dennis Publishing, as well as Mansueto Ventures had taken their places. Dennis Publishing was behind the titles alphr, ITPro and The Week, while Mansueto Ventures published Inc. and Fast Company. In November that year, CNN International had also taken over from The Guardian as lead partner.56

While it was unclear how the alliance had benefited each publisher, it had already delivered campaigns for more than 30,000 advertisers around the world by November 2017, and the viewability of these campaigns was higher than 65%.57 In contrast, the common viewability industry standard was 50%.

Venturing Where Others Fear to Tread

Back in 2011, then GMG chief executive Andrew Miller had sought to reinforce the group’s commercial approach with its typical commitment to openness, saying,

We have to build an open and individual relationship with the Guardian reader, delivering quality journalism… that meet their different needs and interests at different moments. And we have to give commercial partners unrivalled access to this relationship so that everyone benefits… Our strategy increases engagement… commercially by building individual reader relationships and optimising them using new technologies to deliver customised content and recommendations.58

By following through on its various measures to generate revenue while ensuring openness, The Guardian had finally returned to the black, albeit only after more extreme measures were implemented. These included the removal in stages of 450 positions, of which 120 were from the editorial side, from 2016 onwards,59 because the “volatile media environment [had called for an] urgent need for radical action”, according to a joint email by Pemsel and Viner to staff.60 The job cuts also included 60 editorial and commercial job vacancies at GMG which would not be filled.61

Another drastic move involved the switch from the mid-sized format of the newspaper to the smaller tabloid format that was less costly to print in January 2018. The change was expected to help achieve savings of “several million [pounds]”.62 As a result of the switch, 50 staff would also be let go as the printing of the newspaper would henceforth be outsourced.63 Fourteen years ago in 2005, former editor-in-chief Rusbridger had opted for a change from the to the Berliner format, which had entailed a sizeable £80m (US$103 million) investment in three printing plants.64

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SMU-19-0XXX How The Guardian Returned to the Black

More significantly, rather than relying on paywalls to compel readers to pay for accessing content, The Guardian had managed to get its readers to voluntarily contribute an amount of their choice. According to current editor-in-chief Viner, once The Guardian told readers that it needed to bring in new revenue amid the collapse of print advertising, and the domination of Facebook and Google in the digital advertising arena, readers indicated that “they … wanted to support Guardian journalism directly – at a level and frequency they could dictate and afford”.65

Unbelievable as it might sound, readers told GNM that they wanted to make financial contributions “because they want[ed] The Guardian to stay free, open and accessible to all” and “ensure that more people are more informed”.66

As Pemsel reflected on how far the organisation had come by building on Rusbridger’s legacy while implementing the turnaround strategy, he wondered: with the media industry continuing to evolve, would The Guardian’s unique business model still enable it to flourish in the years ahead? Or would this successful turnaround be the media outlet’s last hurrah?

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SMU-19-0XXX How The Guardian Returned to the Black

EXHIBIT 1: GNM REVENUE BREAKDOWN FROM 2011 TILL 2019 (£M)

Digital Revenue Non-Digital Revenue

Year Absolute Percentage Absolute Percentage Total Revenue Figure of Total Figure of Total

2011 37.4 19.05% 158.9 80.95% 196.3

2012 43.4 22.33% 151 77.67% 194.4

2013 54.1 27.81% 140.4 72.19% 194.5

2014 68.3 32.68% 140.7 67.32% 209

2015 83.8 38.53% 133.7 61.47% 217.5

2016 81.9 39.09% 127.6 60.91% 209.5

2017 94.1 43.87% 120.4 56.13% 214.5

2018 108.6 50.05% 108.4 49.95% 217

2019 125.3 55.81% 99.2 44.19% 224.5

Source: Guardian Media Group plc, Statista database, via SMUPyxis, accessed November 2019.

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SMU-19-0XXX How The Guardian Returned to the Black

EXHIBIT 2: GNM EBITDA AND ADJUSTED NET OPERATING CASH FLOW FROM 2009 TILL 2019 (£M)

Year EBITDA Adjusted Net Operating Cash Flow

2009 (21) (80)

2010 (23) (46)

2011 (26) (72)

2012 (38) (70)

2013 (28) (52)

2014 (26) (45)

2015 (31) (63)

2016 (61) (87)

2017 (39) (74)

2018 (19) (34)

2019 1 (28)

Source: Guardian Media Group plc, “Guardian Media Group plc Annual Report and Consolidated Financial Statements for the Year Ended 31 March 2019”, https://uploads.guim.co.uk/2019/08/07/GMG_Annual_Report_and_Financial_Statements_2019_-_FINAL.pdf, accessed October 2019.

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Endnotes

1 “Alan Rusbridger on his vision for a ‘mutualised newspaper’”, 30 April 2010, https://blogs.journalism.co.uk/2010/04/30/alan- rusbridger-on-his-vision-for-a-mutualised-newspaper-video/, accessed October 2019. 2 Guardian News & Media Limited, “Guardian Most Trusted Newspaper in Britain, Says Industry Report”, 17 December 2018, https://www.theguardian.com/media/2018/dec/17/guardian-most-trusted-newspaper-in-britain-says-industry-report , accessed October 2019. 3 Guardian News & Media Limited, “The Guardian Outlines Three Year Business Plan to Staff”, 25 January 2016, https://www.theguardian.com/gnm-press-office/2016/jan/25/the-guardian-outlines-three-year-business-plan-to-staff, accessed October 2019. 4 Ibid. 5 US$1 = £0.78 as of October 2019. 6 Guardian News & Media Limited, “Guardian Media Group plc (GMG) Publishes 2018/19 Statutory Financial Results”, 7 August 2019, https://www.theguardian.com/gnm-press-office/2019/aug/07/guardian-media-group-plc-gmg-publishes-201819-statutory-financial- results, accessed October 2019. 7 Ibid. 8 Ibid. 9 Guardian News & Media Limited, “Guardian Media Group Announces Outcome of Three Year Turnaround Strategy”, 1 May 2019, https://www.theguardian.com/gnm-press-office/2019/may/01/guardian-media-group-announces-outcome-of-three-year-turnaround- strategy, accessed October 2019. 10 Ibid. 11 Ibid. 12 , “Guardian Records First Operating Profit Since 1998”, 1 May 2019, https://www.bbc.com/news/entertainment-arts- 48111464, accessed October 2019. 13 Ibid. 14 Jane Martinson, “Alan Rusbridger to Stand Down as Guardian Editor-in-chief”, 10 December 2014, https://www.theguardian.com/media/2014/dec/10/alan-rusbridger-stand-down-guardian-editor-in-chief, accessed October 2019. 15 Ibid. 16 Guardian News & Media Limited, “About Guardian Media Group”, 24 July 2018, https://www.theguardian.com/gmg/2018/jul/24/about-guardian-media-group, accessed October 2019. 17Guardian News & Media Limited, “Guardian Owner The Scott Trust to Be Wound Up After 72 Years”, 8 October 2008, https://www.theguardian.com/media/2008/oct/08/theguardian.theobserver, accessed October 2019. 18 Guardian News & Media Limited, “Guardian Media Group 2017-2018 Working Report”, https://www.theguardian.com/info/ng- interactive/2018/jul/24/working-report, accessed October 2019. 19 Ibid. 20 Guardian News & Media Limited, “About Guardian Media Group”, 24 July 2018, https://www.theguardian.com/gmg/2018/jul/24/about-guardian-media-group, accessed October 2019. 21 The Scott Trust Limited, “The Scott Trust Endowment Fund Performance Report”, https://uploads.guim.co.uk/2018/07/25/J433397_Scott_Trust_performance_report_IC-0718_v5_(1).pdf, accessed October 2019. 22 Guardian News & Media Limited, “About Guardian Media Group”, 24 July 2018, https://www.theguardian.com/gmg/2018/jul/24/about-guardian-media-group, accessed October 2019. 23 Ibid. 24 Guardian News & Media Limited, “About Guardian Media Group”, 24 July 2018, https://www.theguardian.com/gmg/2018/jul/24/about-guardian-media-group, accessed October 2019. 25 Copyleft is defined as the licence granting permission to copy and reproduce property. 26 Guardian News & Media Limited, “Guardian Launches Open Platform Tool to Make Online Content Available Free”, 10 March 2009, https://www.theguardian.com/media/2009/mar/10/guardian-open-platform, accessed October 2019. 27 Guardian News & Media Limited, “Get Started - Choose the Level of Access You Need”, https://open- platform.theguardian.com/access/, accessed October 2019. 28 Nate Lanxon, “Copyleft : The Guardian's Open Platform, and Why It Matters”, 22 January 2010, https://www.cnet.com/news/copyleft-newspapers-the-guardians-open-platform-and-why-it-matters/, accessed October 2019. 29 Ibid. 30 Guardian News & Media Limited, “Get Started - Choose the Level of Access You Need”, https://open- platform.theguardian.com/access/, accessed October 2019. 31 Nate Lanxon, “Copyleft Newspapers: The Guardian's Open Platform, and Why It Matters”, 22 January 2010, https://www.cnet.com/news/copyleft-newspapers-the-guardians-open-platform-and-why-it-matters/, accessed October 2019. 32 Ibid. 33 Justin Ellis, “The Guardian Creates an API for n0tice, Its Open News Platform”, 22 May 2012, https://www.niemanlab.org/2012/05/the-guardian-creates-an-api-for-n0tice-its-open-news-platform/, accessed October 2019. 34 Megan Garber, “The Guardian Launches n0tice, an Open Community News Platform”, October 26 2011, https://www.niemanlab.org/2011/10/the-guardian-launches-n0tice-an-open-community-news-platform/, accessed October 2019. 35 Ibid. 36 Matt McAlister, “An Open Community News Platform: n0tice.com”, 16 May 2011, http://www.mattmcalister.com/blog/2011/05/16/1785/an-open-community-news-platform-n0tice-com/, accessed October 2019. 37 Contribly Ltd , “The Contribly Story”, https://www.contribly.com/about.html, accessed October 2019. 38 GigaOm, “Guardian Says Open Journalism Is the Only Way Forward”, 1 March 2012, https://gigaom.com/2012/03/01/guardian-says- open-journalism-is-the-only-way-forward/, accessed October 2019. 39 Ibid.

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40 Ibid. 41 Guardian News & Media Limited, “GuardianWitness to Open up Guardian Journalism as Never before”, 16 April 2013, https://www.theguardian.com/gnm-press-office/guardianwitness-to-open-up-guardian-journalism-as-never-before, accessed October 2019. 42 Ibid. 43 Apadmi Ltd, “Transforming Citizen Journalism into Mobile, High-quality Global Reporting”, https://www.apadmi.com/work/guardian-witness-app/, accessed October 2019. 44 Ibid. 45 Guardian News & Media Limited, “GuardianWitness Is Closing – but You Can Still Contribute Your Stories”, 21 August 2018, https://www.theguardian.com/help/insideguardian/2018/aug/21/guardianwitness-is-closing-but-you-can-still-contribute-your-stories, accessed October 2019. 46 Programmatic advertising is a system that automates the processes and transactions involved with purchasing and dynamically placing advertisements on websites or apps. 47 Guardian News & Media Limited, “World’s Leading Digital Publishers Launch New Programmatic Advertising Alliance, Pangaea”, 18 March 2015, https://www.theguardian.com/gnm-press-office/2015/mar/18/worlds-leading-digital-publishers-launch-new- programmatic-advertising-alliance-pangaea, accessed October 2019. 48 Lara O'Reilly, “The Guardian, Financial Times, Reuters, CNN, and The Economist Have Formed an Ad Alliance to Take on Google and Facebook”, 18 March 2015, https://www.businessinsider.com/publishers-form-pangaea-advertising-alliance-2015-3?IR=T, accessed October 2019. 49 Ibid. 50 Ibid. 51 Justin Ellis, “The Guardian, CNN, Reuters, and More Enter into a Global Ad Alliance”, 18 March 2015, https://www.niemanlab.org/2015/03/the-guardian-cnn-reuters-and-more-enter-into-a-global-ad-alliance/, accessed October 2019. 52 Ibid. 53 Guardian News & Media Limited, “World’s Leading Digital Publishers Launch New Programmatic Advertising Alliance, Pangaea”, 18 March 2015, https://www.theguardian.com/gnm-press-office/2015/mar/18/worlds-leading-digital-publishers-launch-new- programmatic-advertising-alliance-pangaea, accessed October 2019. 54 With the advent of programmatic advertising, new forms of ad fraud have arisen. A common of this is mobile ad fraud where advertisers pay for clicks by non-existent users like bots that trigger fake ad impressions. 55 Guardian News & Media Limited, “World’s Leading Digital Publishers Launch New Programmatic Advertising Alliance, Pangaea”, 18 March 2015, https://www.theguardian.com/gnm-press-office/2015/mar/18/worlds-leading-digital-publishers-launch-new- programmatic-advertising-alliance-pangaea, accessed October 2019. 56 DailyHunt, “Pangaea Alliance Enters New Phase; to Connect Advertisers Programmatically with a Premium Audience”, https://m.dailyhunt.in/news/india/english/tvnews4u-epaper- tvnews/pangaea+alliance+enters+new+phase+to+connect+advertisers+programmatically+with+a+premium+audience-newsid-76078669, accessed October 2019. 57 Ibid. 58 Zenith, “Engagement and Loyalty Increase Revenue – On and Offline”, https://www.zenithmedia.com/engagement-and-loyalty- increase-revenue-on-and-offline-sustainability-guardian-co-uk/, accessed October 2019. 59 Amol Rajan, “Guardian Records First Operating Profit Since 1998”, 1 May 2019, https://www.bbc.com/news/entertainment-arts- 48111464, accessed October 2019. 60 Kedar Grandhi, “Guardian publisher to 250 jobs as part of turnaround plan”, 18 March 2016, https://www.ibtimes.co.uk/guardian- publisher-cut-250-jobs-part-turnaround-plan-1550200, accessed December 2019. 61 Ibid. 62 Tom Banks, “The Guardian introduces tabloid format and redesigns all platforms”, 15 January 2018, https://www.designweek.co.uk/issues/15-21-january-2018/guardian-introduces-tabloid-format-redesigns-platforms/, accessed December 2019. 63 Richard Stuart-Turner, “Guardian launches new tabloid format”, 15 January 2018, https://www.printweek.com/news/article/guardian- launches-new-tabloid-format, accessed December 2019. 64 David Bond, “Guardian newspaper considers shift to tabloid format”, 25 January 2017, https://www.ft.com/content/8c2e3646-e253- 11e6-8405-9e5580d6e5fb, accessed December 2019. 65 Guardian News & Media Limited, “Society of Editors Annual Conference - Katharine Viner Speech”, 23 November 2018. https://www.theguardian.com/gnm-press-office/2018/nov/23/society-of-editors-annual-conference-katharine-viner-speech, accessed October 2019. 66 Ibid.

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