Rupert Murdoch’s News Corp to Cut 1,250 Jobs, Laying Off 5% of Workforce

News Corp, parent of media outlets including the Wall Street Journal and Dow Jones, announced plans to cut headcount by 5%, eliminating about 1,250 positions, with its CEO citing “obvious global challenges.”

The media and publishing company, led by exec chairman Rupert Murdoch, said the job cuts would occur in this calendar year. News Corp reported earnings for the quarter ended Dec. 31, with revenue down 7% year over year, to $2.52 billion, while net income fell 64%, to $94 million.

“Obviously, a surge in interest rates and acute inflation had a tangible impact on all of our businesses,” CEO Robert Thomson said in prepared remarks. The company’s initiatives “now underway, including an expected 5% headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth.”

News Corp has been “actively engaged” in discussions with CoStar Group about a potential sale of real-estate listing company Move, Thomson said.

Read More About:

Source: Read Full Article