British tabloid owner goes into administration

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The owner of Britain's Daily Sport and Sunday Sport tabloids, known for celebrity news and soft porn stories, said Friday it had ceased trading and will go into administration.

Sport Media Group announced that "as a result of its inability to meet certain creditors as they fall due, the company has today ceased trading with immediate effect." It said it was appointing administrators.

Earlier Friday, the group suspended trading of its shares on AIM, the London index listing small firms. It said the company had experienced an "insufficient recovery in trading" since adverse weather in December hit sales.

The Daily Sport was launched in 1991, five years after the Sunday Sport was first published in 1986. The group almost went out of business in 2009 but was saved by its former owner, David Sullivan.

© 2011 AFP

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