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Reports: News Corp plans to cut 5% of total workforce

News Corp Hack
Posted at 7:06 PM, Feb 09, 2023

The media conglomerate News Corp announced on Thursday that the company planned to cut around 5 percent of its total workforce, or over 1,000 jobs, after falling short of earnings estimates.

The cuts could affect around 1,250 people the organization said it did not meet quarterly Wall Street estimates for revenue and profit.

A growing number of media and tech companies have been taking measures to cut costs as digital advertiser spending becomes more uncertain around the globe.

News Corp said it had experienced various declines, including in its news business.

According to a Reuters report, the company revealed it faced a $6 million bill related to its planned merger with Fox Corp.

Rupert Murdoch, who serves as the executive chairman of News Corp, as well as the co-chairman of Fox, nixed the agreement in January.