Hi all,
After sustaining huge legal loses due to their phone hacking (£52M paid in 2020), a 23% income drop and the Pandemic combining to make a £200M loss in 2020, it looks like the owner of Sun newspaper (Rupert Murdoch) has decided something the vast majority of us already knew - The Sun is worthless.
https://www.bloomberg.com/news/arti...-k-s-biggest-paper-for-decades-now-worth-zero
Effectively it means that the parent company thinks that paper can't turn a profit and likely never will do again so they've "written down" the worth of the newspaper to Zero which means it's worth less than the market value if it were sold than the actual cost of keeping it, so getting rid of the burden via selling maybe the eventual fate of the paper.
I've never been a fan of any of the red-top newspapers so this is no loss to me but, whilst I would have sympathy for the printers, general staff etc should the paper go under, I have little sympathy for the journalists.
After sustaining huge legal loses due to their phone hacking (£52M paid in 2020), a 23% income drop and the Pandemic combining to make a £200M loss in 2020, it looks like the owner of Sun newspaper (Rupert Murdoch) has decided something the vast majority of us already knew - The Sun is worthless.
https://www.bloomberg.com/news/arti...-k-s-biggest-paper-for-decades-now-worth-zero
Effectively it means that the parent company thinks that paper can't turn a profit and likely never will do again so they've "written down" the worth of the newspaper to Zero which means it's worth less than the market value if it were sold than the actual cost of keeping it, so getting rid of the burden via selling maybe the eventual fate of the paper.
I've never been a fan of any of the red-top newspapers so this is no loss to me but, whilst I would have sympathy for the printers, general staff etc should the paper go under, I have little sympathy for the journalists.