Rupert Murdoch cuts the value of The Sun newspaper to zero Business News

Rupert Murdoch noted the value of The sun newspaper to zero in response to a dramatic drop in print advertising revenue.

The right-wing tabloid had one of the worst years in its history, falling to a loss of £ 197million. News Corp’s forecast shows it doesn’t expect to The sun to reconnect with growth.

The sun was the UK’s most widely read newspaper for over four decades until the Daily mail surpassed it last year.

Mr Murdoch’s News Corp recorded an impairment charge of £ 84million for The sun in accounts filed Friday.

It recorded £ 80million in costs related to the phone hacking scandal, including £ 52million in fees and damages paid to civilian claimants, up from £ 27million in 2019.

The company said it has settled, or is in the process of settling, most of the claims related to the phone hacking and improper payments to public officials, but added that it could not estimate the cost of the additional claims that failed. not yet reached the courts.

“It is not possible to estimate the liability for these additional claims given the information currently available to the company,” News Corp said.

The sun has dropped dramatically since its heyday in the mid-1990s, when circulation hit 5 million. It now sells less than a million copies per day, although circulation figures are no longer made public.

“Our priority is to maintain our market leading position as the UK’s No.1 news brand by ensuring the proposal retains its relevance to readers,” the company said.

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This notice was published: 2021-06-11 22:13:17

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