Tabloid Pushes Losses At The Times To £28 Million

Times Newspapers has reportedly revealed that losses are expected to reach in excess of £28.6 million this year, up from £16.3 million last year.

The group, which publishes The Times and The Sunday Times, is understood to have filed accounts revealing it is still very much in the red, despite a small rise in turnover to £378 million last year. In 2001 the group recorded £19.2 million profit.

Reports suggest that losses could run even higher for the year and industry estimates claim The Times is spending £12 million producing and marketing its new tabloid, even though readers have been slow to adopt this version.

These figures show how much Rupert Murdoch, chairman of News Corporation, is prepared to subsidise the Times Newspaper arm.

In 1993, Mr Murdoch launched the newspaper price war and slashed the cover price of The Times by 10p in a failed bid to try and overtake the best-selling British quality newspaper, The Daily Telegraph.

Filings made at Companies House are believed to show that an increase in editorial staff has pushed the Times Newspaper wage bill up from £29.5 million in 2002 to just over £35 million in 2003.

The Times: 020 7782 5000 www.timesonline.co.uk

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