The tabloid price war got underway yesterday, with the Daily Mirror claiming an increase in sales of 500,000 for the day, having drastically cut its coverprice by 17p to 10p for the day.
The Sun confirmed to MediaTel this morning that its sales went up by only 280,000 on the first day of its price cut campaign, but it intends to continue the battle, despite being outdone by the Mirror.
Editor of the Daily Mirror, David Banks, has estimated that it will cost the Sun over £8million to run at its current price for the summer months, not even taking into account the £3-4m that News International is spend- ing promoting the campaign.
During yesterday’s battle, shares in Mirror Group Newspapers fell by 14p to 153p. News International also decreased by 1p to 215p per share. Owners of the Daily Star and Daily Express, United Newspapers, lost 7p to 535p.
The Sun has pointed out that although yesterday’s sales were not up to that of the Mirror, it will take until the middle of this week to determine the real value of the price cut.
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