Rupert Murdoch’s The Sun Now Worth Less Than a Copy of the UK Tabloid

Rupert Murdoch’s News Corp. has written the value of The Sun down to zero, according to accounts published Friday.

The decline of the one-mighty British paper’s valuation is a sign of the damage caused to print media by the COVID-19 pandemic and the increasing digitization of news. According to the Financial Times, the Sun’s turnover plummeted “£324m in the financial year to June 2020.” In American dollars, that’s about $457 million.

According to Bloomberg, the Sun was the U.K.’s most widely read paper for four decades, but the Daily Mail took that spot last year.

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Friday’s news also revealed that the company increased the financial amount set aside for legal provisions associated with accusations of phone hacking. The amount is now up to £52 million. In 2019, it was £27 million. (Here is a timeline of News Corp.’s phone-hacking scandal.)

Representatives for News Corp. did not respond to requests for comment.