The Daily Mail rises as The Sun sets: Murdoch dims tabloid value to zero

 

Rupert Murdoch has put the value of The Sun newspaper to zero, citing a dramatic fall in print advertisements. The right-wing paper has reported a £197 million loss which is one of its worst years ever. Its parent News Corp says that it the tabloid is unlikely to return to growth. Four decades and counting, the paper was the most widely read paper in the U.K. However, in 2020, it was overtaken by the Daily Mail.

 

Murdoch’s News Corp filed accounts with British government regulators on Thursday and published it on Friday. It said that the tabloid’s value of publishing rights and titles was zero as of June 2020. The tabloid had a value of £112 million the previous year.

 

There was an £84 million impairment charge. It also mentioned £80 million in costs as a result of its infamous phone hacking charge. Journalists from the paper had illegally tapped phones and bribed the police to obtain information on scandals. This included £52 million in legal fees and damages that was paid to civil claimants. This amount has increased from £27 million paid in 2019.

 

The news conglomerate said that it has already settled many claims. It said that it is also in the process of settling other claims. It also said that it was unable to estimate the costs of future claims which have not as yet reached the courts.

 

The company also said that its priority was to sustain its top most position in the UK and to maintain relevance for its readers. However, its circulation had dramatic decreased. Although circulation figures of The Sun are no longer available publicly, it reportedly sells less than a million copies each day. When it was at the pinnacle of its performance, during the nineties, its circulation figures were pegged at 5 million per day.

Editorial image credit: Gil C / Shutterstock.com


Follow us on Google news for more updates and News










PLEASE READ THE IMPORTANT DISCLOSURES BELOW.

This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Full Disclaimer


>