NEW: The Guardian is to cut 180 jobs, including 70 in editorial. Equates to 12pc of roles across the company. Revenues are expected to be down by "well over £25m" compared with pre-Covid budgets as advertising, recruitment, events and print circulation come under pressure.

The Guardian’s challenge: 2015 total staff costs were £123.9m. Last year after turnaround plan, hundreds of voluntary redundancies and tens of millions of pounds of restructuring costs: £124.1m.

Update: Saturday edition to bear brunt of Guardian editorial cuts. The Guide, Weekend, Review and Travel print sections all to be closed, replacement TBA. Elsewhere parts of sport and lifestyle depts to be reduced. Plans to introduce “truly digital-first” editorial processes.

Circulation of 221k on Saturday is more than twice weekday (abc certificate attached). NB closure of separate print supplements does not mean no coverage. Does mean (probably) less and (certainly) lower production costs/smaller team for merged section(s?) that replace them.

Excerpt of internal memo for the reliably tedious “if true...” men

For people responding with variations on “but I only buy it on Saturday!” - that is precisely the problem... print production costs are partly fixed have to be spread across the week.