Rupert Murdoch writes down value of Sun newspapers to zero
Move follows £200m loss caused by Covid-19 pandemic and one-off charges related to phone hacking
, who claimed reporters wanting to out his sexuality had targeted him illegally.“The company is exposed to libel claims in the ordinary course of business and vigorously defends against claims received,” News Group said. “The company makes provision for the estimated costs to defend such claims when incurred and provides for any settlement costs when such an outcome is judged probable.”
It was not able to stem losses despite cutting sales and marketing costs by 40%, and cutting staff numbers from 605 to 546. “The company will continue to take various steps intended to offset the impact of Covid-19 by reducing variable costs and implementing cost-savings initiatives,” it said.
The Sun, which Murdoch acquired in 1969 and celebrated its 50th anniversary two years ago,lost its title of the UK’s bestselling newspaper to the Daily Mail last year. It had been the nation’s most popular newspaper since 1978, spawning memorable splash headlines such as Freddie Starr Ate My Hamster, Gotcha!and It’s The Sun Wot Won It - the 1992 front page taking credit for the Conservatives’ unexpected general election victory. headtopics.com
There was better news for the Times and the Sunday Times, which managed to boost pre-tax profits from £3.7m in 2019 to £10.3m in the year to 28 June 2020. The titles managed to minimise the annual decline in revenue to £20m, with the £330m reported in 2019 falling to £310m last year.
“The decrease in revenue was due to challenging market conditions, with declines in both newspaper circulation and in print advertising, in line with other businesses in the sector and wider economy,” said Times Newspapers Limited, theNews UKsubsidiary that operates the titles.
“This was partly offset by strong growth in digital subscription revenue as well as digital advertising revenue, supported by the implementation of price increases on The Sunday Times during the period.” Read more: The Guardian »
COVID-19: Thousands protest across Brazil over President Bolsonaro's handling of coronavirus crisis
Brazil has the second-highest death toll but Mr Bolsonaro has played down the virus' severity and cast doubt on vaccines.
Climate crisis is ‘life or death’ for New Zealand, says Jacinda ArdernNew Zealand has committed to reaching net-zero emissions by 2050 Sounds like a job for the fellowship! Climate crisis is life or death for all the world, most just don't want to admit it. It affects everybody globally. All countries have a part to play in minimising emissions.
Minister slaps down rebellious academics over Cecil Rhodes statueProponents of Rhodes Must Fall claim the small statue high up on Oriel's main building 'glorifies colonialism', but the college last month decided it would stay following a backlash from donors.
Solar eclipse 2021: ‘Ring of fire’ to sweep across the EarthA large swathe of the Northern Hemisphere is about to enjoy a so-called annular solar eclipse.
Solar eclipse 2021: crescent sun wows skygazers across northern hemisphere – videoObservers in north America and Europe were able to witness a morning solar eclipse, as the moon passed between the earth and the sun
Newspaper headlines: Johnson and Biden's 'love-in' and PM mulls 21 June delayJohnson and Biden's first meeting and a possible delay to ending England lockdown are in the papers. Delay will happen when a clown leaves the Border open with India and let's in the new Boris variant, POTUS can see straight through the crap that Trump Mk2 the English version who was born in America is like. Clown comes to mind when I think of Boris Johnson 🤡. Shambolic PM I see why Johnson hurried to get married, now. bbclaurak Yet CNN don't use the words love in, the opposite in fact. Who's lying?
Newspaper headlines: PM 'downbeat' about unlocking, and Biden on NIThe prospect that lockdown easing could be delayed and the latest on the Brexit row lead the front pages. if Johnson had not allowed the Indian variant into the UK in such large numbers then unlocking would look a lot less costly. When are the U.K. MSM going to show some courage and confront the “mistakes”, lies and fraud that Johnson and his crooks are using to destroy our U.K? When? Biden can extract his interfering hooter.