Guardian News and Media is said to be mulling the possibility of closing the Observer, which is the world’s oldest Sunday newspaper. Staffers at the 218-year-old companion to The Guardian daily recently discovered a secret mockup of a weekly news magazine bearing the Observer’s name. Last Friday, the parent company reported that Guardian News and Media lost £36.8 million ($60.8 million) compared with a loss of £26.4 million ($44 million) the previous year. Closure or downsizing of The Observer would be undertaken to shore up the finances of the daily. The Financial Times report stresses that no decision has reached, only that closure is one option on the table.
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