Times Newspapers have 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, revealed the loss when the newspapers’ operating division filed accounts that show, despite a small rise in turnover to £378 million from £364 million, its still in the red. In 2001, the group recorded £19.2 million profit.
As reported in The Guardian, losses could run even higher for the year. According to industry estimates, 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.
The Companies House filing shows that an increase in editorial staff has pushed the Times Newspaper wage bill up from £29.5 million in 2002 to £35.1 million in 2003, reports The Telegraph.
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