News Corp to cut 1,250; Fox looks for buys
February 10, 2023
Rupert Murdoch’s News Corp has said that it will cut 1,250 jobs after it missed analyst estimates for Q2 earnings due to weakness in its news and digital real estate businesses.
“A surge in interest rates and acute inflation had a tangible impact on all of our businesses,” chief executive Robert Thomson said. “The initiatives now underway, including an expected 5 per cent headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth.”
Meanwhile, following the abandonment of the plan to merge the two Murdoch groups, Fox is said to be looking for acquisitions.