Rupert Murdoch slashes value of the Sun newspaper to zero

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Rupert Murdoch slashes value of the Sun newspaper to zero
The value of the Sun titles owned by Rupert Murdoch has been slashed to zero following a sales slump due to the Covid crisis and costs associated with the phone hacking scandal.

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News Group Newspapers, which publishes the Sun and the Sun on Sunday and is the former publisher of the News of the World, reported a pre-tax loss of £202m for the year to the end of June 2020, according to its latest filing on Companies House.

The company wrote down the value of the Sun brand by £84m, meaning that for accounting purposes the tabloids are now worthless amid concerns about the outlook for print advertising and circulation.

That took its one-off charges for the year up to £164m, more than three times the figure for the previous year when the tabloids suffered a loss of £68m. Legal fees and damages as a result of "voicemail interception…
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