It can hardly ever be a bad time to be a millionaire, but the UK’s big league media owners have collectively seen their fortunes drop by £3 billion in the last 12 months according to The Sunday Times Rich List (online from Tuesday, except for this preview). Although the list doesn’t include private bank accounts it does show, as Media Week points out, how several media moguls are feeling the crunch right now. Here are some of the biggest fallers…
— Northern and Shell proprietor Richard Desmond, owner of Express Newspapers and OK! magazine, lost 50 percent of his estimated £950 million fortune since last April.
— Telegraph Media Group owners Sirs Frederick and David Barclay personally lost £700 million leaving them with £1 billion.
— Both Felix Dennis, owner of The Week publisher Dennis Publishing, and the Pearson (NYSE: PSO) family, which owns a stake in Financial Times publisher Pearson, have seen their personal wealth drop by more than £200 million to £500 million.
— Viscount Rothermere and family, who have a controlling stake in Daily Mail (LSE: DMGT) and General Trust, have seen their wealth drop £220 million in value in the last 12 months to £380 million.
— Haymarket Media owner Lord Heseltine lost an estimated £100 million since last April, leaving him with £150 million.
— WPP CEO Sir Martin Sorrell has a personal fortune of £83 million, having suffered a £23 million drop.
Execs at Paris-based global advertising firm Publicis Group are also feeling the squeeze, although group CEO Maurice Levy received a pay rise in 2008. According to a French regulatory release (via Industry.bnet.com) managing partner at digital agency Vivaki Jack Klues received