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Betsy Fast will take on the newly created role of executive director of digital editorial strategy for Hearst Digital Media.

The newspaper has covered many significant stories over the years, including the sinking of the Titanic, the Lockerbie disaster and the Dunblane shootings.

Shulman, who intends to leave her role in the summer after 25 years, said steering the magazine through its centenary last year had been “one of the greatest privileges.”

Last year, Guardian News & Media announced that it is looking to cut costs by more than 20% over the next three years.

The publisher currently owes £220 million in bonds that are due to mature in 2019.

The site finished the year with a 3.5 million visitors after reporting a 5 million-strong audience in November.

The inevitable Christmas slowdown saw most newspapers record minor declines or limited growth in December, with a few exceptions.

The deal will see the German publisher take on 100% of Immediate’s portfolio, which includes a number of BBC Magazines titles and attracts around 19 million consumers each month.

In a statement released on Tuesday, Trinity said it is at an “early stage of discussions towards taking a minority interest in a new company comprising certain of Northern & Shell’s assets.”

In the second of two parts, media leaders reflect on the year gone by – and offer their thoughts on what 2017 will have in store.