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Rupert Murdoch, the media tycoon, has slashed the worth of his newspaper, 'The Sun,' to zero

Princess Tarfa

In reaction to a sharp drop in print advertising-income, Rupert Murdoch has written down the value of The Sun newspaper to zero.

The right-wing tabloid has had one of the worst years in its history, losing £197 million. According to News Corp's projections, "The Sun" will not recover to growth.

For more than four decades, The Sun was perhaps the most widely read daily in the United Kingdom, until the “Daily Mail” surpassed it last year.

In the results posted on Friday, Mr. Murdoch's News Corp recorded an £84 million impairment claim for The Sun.

It incurred £80 million in expenditures related to the phone-hacking scandal, comprising £52 million in fees and damages awarded to civil claimants, an increase from £27 million in 2019.

The business stated that it has resolved but is in the process of resolving the majority of lawsuits related to phone hacking and improper payments to public servants, but that it cannot calculate the number of other claims which have not reached the court.

“Given the facts now available to the firm, this is not feasible to determine the responsibility for such extra claims,” News Corp added.

The Sun's circulation has dropped drastically since its zenith in the mid-1990s when it surpassed 5 million. Although circulation data are no longer revealed to the public, it presently sells fewer than one million copies a day.

“Our objective is to preserve our market-leading standing as the UK's No. 1 news brand by guaranteeing the offering remains relevant for readers,” the business stated.

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