Guardian editor gets 42pc pay rise as finances improve

THE editor-in-chief of The Guardian was handed a £150,000 pay rise as its publisher’s finances improved in the wake of the Covid crisis.

Katharine Viner’s salary rose by 42pc to £509,850 in the year to April after the newspaper’s parent company, Guardian Media Group (GMG), hailed its best results since 2008.

With inflation now running far above wage increases for ordinary workers, The Guardian has repeatedly criticised what it views as excessive executive pay. Last month, the newspaper ran a story headlined “What cost of living crisis? Bumper executive bonuses make a comeback” and another warning that “Profiteering bosses, not workers, are pushing up inflation”.

GMG also paid its former chief executive, Annette Thomas, £795,000 after she left following a clash with Ms Viner over the direction of the business. Ms Thomas received a “one-off ” payment on top of her £630,000 base salary, meaning she made £1.5m in 15 months.

The group is still looking for a replacement for Ms Thomas and is headed by interim chief Keith Underwood, who was previously chief financial and operating officer.

Annual revenues at GMG climbed 13pc to £255.8m and profits rose nearly fourfold to £11.7m. The Guardian does not have a paywall but instead relies on donations from readers.

More than one million people made contributions of at least £1 a month, while another 500,000 readers made one-off payments. It received a total of £76.1m from its online audience, up from £68.7m the year before.

Print and advertising generated revenues of £71.5m and £73.7m respectively. The company is supported by its proprietor, the Scott Trust, which runs a £1.3bn investment fund. The trust said it is continuing with a strategy to invest in private equity funds, which have “potential to achieve higher returns compared with traditional asset classes”.

Last year, The Guardian claimed that private equity is “draining British business dry”.

Mr Underwood said: “Strong revenue growth and our best cash performance in decades have firmly established a sustainable platform from which we can make strategic investments to grow The Guardian’s global reach, impact and revenue.

“Economic and market conditions will be challenging in the year ahead. However, with outstanding journalism, a trusted brand, and the financial resources to invest, we are well placed to continue our growth strategy.”

GMG was contacted for comment.