GUARDIAN Media Group is set to report a higher than expected £173 million loss this year. Its newspaper division, which publishes The Guardian and The Observer, is facing losses of £69m, according to The Financial Times.

The group, which cut 250 jobs in addition to 70 voluntary redundancies is facing challenges in digital and print advertising as the costs of its global expansion accelerate.

It has also been reported that the company has also written down £80m on the value of stake in magazine and events company Ascential.