The largest news businesses in the UK and US have lost more than £15bn from their market capitalisations since the coronavirus crisis began, according to a Press Gazette investigation.
News Corp, the New York Times Company, transatlantic regional press group Gannett, Daily Mail owner DMGT and Daily Mirror publisher Reach collectively lost nearly £3bn from their market caps on UK and US stock markets between 28 February and the Easter weekend, representing a 21 per cent drop in their value.
Among broadcasters, Fox Corporation, ViacomCBS and ITV have lost a combined £9bn (27 per cent) in the same period. The collapse of the advertising market has proved a major issue for both newspaper publishers and broadcasting companies.
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