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Times Newspapers are at a £8Om pre-tax loss

Posted on: 15 February 2007

Related Category: Media

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Times Newspapers has reported a loss of £80.7m in the year to the end of June 2006, according to accounts lodged at Companies House.

The losses, which increased by 72 per cent from the year before, were blamed on the £31.3m cost of planned redundancies at the group's printing arm. Times Newspapers, which is part of Rupert Murdoch's media group News International, said it was cutting staffing levels by two-thirds as part of a £600m upgrade of presses.

News International is hoping the redundancy programme will save nearly £40m a year across the group once new presses are up and running in 2008-09.

However, it said that both advertising and circulation revenues rose, the latter thanks to price rises at the Times (from 60 to 65p) and the Sunday Times (from £1.80 to £2) last year.

Times Newspapers' titles have always been seen as a loss leader for Murdoch, who acquired them in 1981. The media mogul evaded being quizzed by the Monopolies and Mergers Commission by claiming that the papers would otherwise have gone out of business.

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