This article focuses the publisher for both of the The Times and the Sunday Times newspapers reporting a pre tax lose of £24m. According to research, the Time newspaper revenue has decreased as there was a loss year-on-year reduction from the £28.7m in 2012. However, in 2011, the company reported a loss of under £12m.
Notably, The Times company stated that it paid £14m to former director for compensation for loss of office. This include the departure of the of chief executive Tom Mockridge and Times editor James Harding, who has now joined the BBC director of news. In relation to this, the company stated: "Compensation for loss of office has increased due to such payments being made to a greater number of directors in the current year," the company said in its financial filing. This establishes that The Times is losing a lot of company because of colleagues leaving the company.
Furthermore, the newspapers stated tat their revenues were down 3.5% each year and from £360.6m to£347.9m and two years ago their revenue was £401.7m. This establishes that The Times newspaper has made an increase in profit and because the newspaper primary is middle class individuals' they are more likely to buy or subscribe to the newspaper, thus increasing their revenue more. Overall, this article is important in establishing that The Times newspaper is facing a difficult time as payouts to departing directors has resulted to £14m. Notably, the company is trying to work around a solution to increase their revenues and News Corp UK and Ireland confirmed that they are going to continue to provide financial support to help make sure that the company meets it liabilities in the future.
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