The Week: City news - TMG loses £15.7m in 2008

Telegraph Media Group has reported pre-tax losses of £15.7 million for 2008, compared with pre-tax profits of £9 million the previous year.

Revenue was down 3.2 per cent to £343.4 million, which the company attributed to a decline in advertising, which got worse throughout the year. The publisher was hit by charges of £32.9 million relating to the termination of its printing joint ventures - Trafford Park with Guardian Media Group and West Ferry with Northern & Shell.