Decades after decades as one of Britain’s most read tabloids, Rupert Murdoch’s The Sun newspaper wrote down its value to zero, financial accounting submitted Thursday said.
News Group Newspapers Annual Report Owned by News UK Mr. Murdoch’s News CorporationAlso showed that it lost more than £ 200m in the fiscal year ending June 2020. Revenues fell 23% to £ 324m.
News Group Newspapers owns The Sun, The Sun on Sunday, and The Sun websites.
Known for its conservative politics and sensational headlines, The Sun is the second most read newspaper in the UK after The Daily Mail.
Like many newspapers, especially those that rely on commuters, the sun suffers during a pandemic. In the early days of the crisis, the advertising market froze. The company’s “Publishing Rights and Titles” were written down at an impairment cost of £ 84m due to reduced print advertising and loss of distribution.
The company’s decline in long-term cash flow forecasts resulted in impairment costs and made the balance sheet value of these assets zero.
Filing showed that the company is still dealing with the cost of the phone hacking scandal that dominated the UK headlines over a decade ago. The company, which also published Sun’s sister publication News of the World until it collapsed in 2011, nearly doubled the amount set aside to pay for scandal-related legal costs and damages. Reported to £ 52m. .. ..
The scandal involved phone hacking of royal members, celebrities, and victims of young murders.It led to 4 year inquiry And Criminal trial against several newspaper executives..
The value of Rupert Murdoch’s Sun newspaper is not truncated to anything
Source link The value of Rupert Murdoch’s Sun newspaper is not truncated to anything