Rupert Murdoch has written down the value of the Sun newspapers to zero as the impact of the Covid-19 pandemic helped to fuel a £200m loss at his flagship tabloid titles.
Advertising and sales revenues at the Sun and the Sun on Sunday plummeted, with turnover falling by 23% from £419.9m to £324m in the year to the end of June 2020.
The torrid market conditions, coupled with one-off charges related to ongoing legal action over allegations of historical phone hacking, led to pretax losses more than tripling from £67.8m in 2019 to £201.4m.
As a result News Group Newspapers, the subsidiary of News UK that operates the two titles, wrote down
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