Sun publisher posts £250m loss due to write-down and hacking costs

sunRupert Murdoch’s News Group Newspapers has already spent £355m in legal fees related to the phone-hacking scandal.

The publisher of the Sun has recorded a loss of more than £250m after making a huge write-down and paying out further costs associated with phone hacking and payments to public officials. The bulk of the write-down – some £204m – relates to diminution of the value of the Sun’s masthead, or publishing rights going forward.

However, some £50m has been set aside to deal with the continuing cost of the phone-hacking scandal and legal fees involving payments to public officials. A further £14m relates to activities of the controversial management and standards committee and further legal fees and damages.

For the full story read The Guardian