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Rupert Murdoch’s news channel TalkTV lost £50m last year before the departure of its key presenter Piers Morgan, accounts show.
TalkTV, which was pulled off air after only two years, posted the losses in the year to the end of June 2024 during the same period the channel stopped broadcasting and went online only.
It takes cumulative losses for the channel since it was launched to around £140m, according to the new accounts for Mr Murdoch’s News UK empire.
The figures underscore the ongoing financial burden of TalkTV, which was launched in 2022 with the aim of replicating the opinionated broadcasting style of US news channels such as Fox News.
The station was built around its flagship programme Piers Morgan Uncensored, but was overshadowed by rival GB News and failed to gain traction with audiences, with some shows registering zero viewers, according to the official ratings agency.
News UK shut down TalkTV’s terrestrial channel in March 2024 after Mr Morgan said he was ditching the “straitjacket” of his nightly slot to focus on YouTube.
In January, the presenter left News UK after inking a deal to buy out his Uncensored show and pursue online audiences. Mr Murdoch will continue to take a share of advertising revenues as part of a four-year partnership.
TalkTV, which employed 135 people at the end of June, cut dozens of jobs last summer as it shifted production from its TV hub back to its radio studios. Bosses said the restructuring would lead to “significant annual savings and reduction of headcount”.
Despite the tumbling viewer numbers, TalkTV increased its revenue to £6.7m last year from £5.6m in 2023. The channel pulled in more than £5m in advertising, while it made £1.6m from licencing clips to other broadcasters.
However, revenues were largely offset by a £4.5m charge linked to the closure of the terrestrial channel.
TalkTV, which is drawing down on a £20m overdraft from parent company News Corp, had net liabilities of £145m as of June last year.
The company said: “Talk TVs flagship talent Piers Morgan remains active as an independent production made for YouTube and other social platforms.
“Piers Morgan’s YouTube channel attracts a large audience from both the UK, US and beyond focusing on global politics and human interest stories.”
News UK’s other radio stations, which include TalkSport and Times Radio, reported a profit of £8.1m for the year.
Separate accounts showed profits at The Times and Sunday Times were broadly flat at £61m after paid subscriber numbers for digital increased by 29,000 to 594,000. The titles have been targeting subscriber growth outside the UK.