The UK-based Financial Times newspaper has slumped to a heavy loss after the coronavirus pandemic accelerated the decline of its print edition, The Telegraph newspaper in London reported.
Financial Times Limited, a unit of Japan’s Nikkei media group, reported a pre-tax loss of £34.5 million for 2020, compared with a loss of £4.6 million in the previous year. It now sells fewer than 6,000 copies at UK newsstands on weekdays, the Telegraph reported.
A combination of cash reserves, a £100 million loan from Nikkei and upbeat performance forecasts meant the company reasonably expected to be able to pay its bills for the next year.
Read the full report: The Telegraph