Still big losses at the Oz. Last year The Australian lost, on average, $96,153 an issue. In a staggering admission to Media Watch, editor-in-chief Chris Mitchell has revealed the size of his paper’s losses. According to an email Mitchell sent Media Watch host Paul Barry, the Oz is on track to lose $15 million this financial year. Given earlier admissions that the paper has halved its losses this year, that means it lost $30 million in financial year 2012-13.
The newspaper has long been reported to be unprofitable, but this had (until this week) never been acknowledged by its management, with Mitchell in 2012 saying it made a positive contribution to News Corp’s bottom line. Yesterday’s admission comes after Media Watch quoted “industry insiders” as saying the paper lost between $40 to $50 million a year — a figure fiercely contested by Mitchell that has led to News Corp filing a complaint with the Australian Communications and Media Authority against the program.