The transcripts of the official inquiry into the culture, practices and ethics of the press. More…

No, but clearly in good times what happens is in terms of portfolio management, where you're looking for maximum economic return in any market, then you will push out in geographies and you will launch new titles, new websites, and you will add to your portfolio. When the revenue shrinks in the way that it does then you have to pull the portfolio back.

A grain of comfort that I could give you, sir, if I may, is that we have been doing an awful lot of reengineering and restructuring the business using technology, not trying to do the same things with fewer people, so we can continue to offer the service that's so valued by our readers in markets. That's very much front of mind for us with any changes that we're making.

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