Guardian News & Media to cut costs by 20%

Guardian News & Media, the publisher of The Guardian, plans to cut costs by 20 percent within three years.

The reduction amounts to roughly $71 million less spent per year.

The company cited a downturn in print advertising and a slower-than-expected increase in digital revenues. It also has brought on costs with international expansion.

Ultimately, the company's expenses have outpaced revenues during the past five years.

Read more from The Guardian.