Rupert Murdoch’s News Corp. wrote down the value of its once high-flying Sun title to zero, underscoring the dramatic decline in Britain’s newspaper industry.
The tabloid’s blend of gossip and right-wing political coverage has made it Britain’s most widely-read paper for more than four decades, until the rival Daily Mail claimed the title last year.
Its editors have struggled to carve out a place for the paper in a new world of online news -- trying a paywall model before abandoning it -- and attempting to move on from a phone hacking scandal that blew up a decade ago, damaging the Sun’s credibility as a campaigner for social causes.
News Corp. said its cash flow forecasts for the Sun led it to book an impairment of 84 million pounds ($119 million) in 2020, according to its accounts published Friday. The carrying value of its publishing rights and titles as of June 28 last year fell to zero from 112 million pounds in 2019.
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