According to unaudited results for the year to March 31 2011, GMG's subsidiary GNM lost £33m – following a £34m loss the previous year. Turnover fell from £221m to £198m.

It is understood that GMG chief executive Andrew Miller gave a series of presentations to staff last week, announcing a series of changes to counter the loss, including prioritising digital over print. The strategy is planned to double digital turnover to £91m from £47m by 2016.

Other plans to save the business include saving £25m over the next five years, which would release funds to be reinvested, and a redesign of the weekday Guardian, which could see the title move away from breaking news and focus more on feature-led content.

He also warned that the group could run out of cash in three to five years, if the business did not change. However, there have not been any reports of job losses at the titles at this time.

The Guardian has been protected for many years by the Scott Trust, which was set up to ensure the continuation of the title. However, in recent years the decline in newspapers has cost the trust millions.