Get a demo Do I subscribe? News sign-up
Print

Loss Increases at The Times as UK Press Ads Inch Up

News, 01 April 2005


Losses at Rupert Murdoch's UK flagships The Times and the Sunday Times increased by 40% to £40.1 million ($75.45m; €58.29m) last year, according to documents filed at Companies House.

The losses widened despite a 22% rise in turnover, due almost certainly to the launch of the tabloid edition of The Times in November 2003. Together with the Sunday title, it incurred an extra £34.1m in costs compared with the year before.

The turnover at Times Newspapers in the year to 30 June 2004 rose 6% to £400.6m from £377.9m the prior year. But the pre-tax loss at £40.1m was two-and-a-half times the £16.3m loss in the 2001-02 fiscal.

However, tycoon Murdoch has always seen the twin properties as a loss leader which to influence the British establishment. Together with his barrel-scraping tabloids, The Sun and News of the World, Murdoch commands over 37% of UK newspaper readership - and an ever-open door at Number 10 Downing Street.

  • Meantime, Starcom's media market report for the first two months of 2005 shows the UK national press as a whole slowly recovering from the lean post-millennium years.

    Advertising revenues rose marginally by 0.7% despite circulation falls of 2.1% across the sector as a whole. Only the mid-market titles enjoyed both circulation and ad revenue growth.

    Comments the report: "Perhaps of most concern is newspapers' increasing reliance on retail advertising, with both finance and motors in decline."

    Data sourced from MediaGuardian.co.uk and Media Week (UK); additional content by WARC staff