Rupert Murdoch’s flagship UK newspapers have been suffering in the credit crunch as profits shrank at The Sun and the News of the World and losses grew at The Times and Sunday Times, newly published annual accounts revealed today.

Times Newspapers, publisher of The Times and Sunday Times, reported that losses jumped 17% from £43.9 million to £51.3 million in the year to 29 June 2008 – before the collapse of Lehman Brothers and recession hit the advertising market.

News Group Newspapers, publisher of The Sun and the News of the World, announced profits fell to £55.1 million for the same period, down from £61.8 million a year earlier.
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The Times is widely thought to lose money while its Sunday stablemate is believed to be profitable. The overall loss of £51.3 million was not as bad as two years earlier, when it ended up £81.8 million in the red as the daily paper moved from broadsheet to tabloid format.

… more at the Evening Standard

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1. Liberal Conspiracy

   New post: Losses rise at The Times & Sunday Times http://tinyurl.com/de8svh

   [Original tweet]

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