News Corp said it will cut 1,250 positions this calendar year

News Corp said it will cut 1,250 positions this calendar year


Pedestrians walk past the News Corporation headquarters building in New York.

Michael Nagle | Bloomberg | Getty Images

News Corp said Thursday it will cut about 1,250 positions, or 5% of its workforce, as layoffs have been taking place across the media and tech industries.

The company, which owns media properties including The Wall Street Journal, the New York Post, Barron’s and HarperCollins, said the tough marcoeconomic environment and higher interest rates have been impacting the company.

related investing news

RBC Capital Markets downgrades Affirm as macro headwinds, higher interest rates persist

CNBC Pro

On Thursday the company reported its quarterly results and said its quarterly revenue decreased 7% to $2.52 billion. Media companies, particularly digital media, has been contending with a challenging advertising market in recent months.

“Just as our company passed the stress-test of the pandemic with record profits, the initiatives now underway, including an expected 5 percent headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth,” CEO Robert Thomson said in the earnings release Thursday.

Thomson noted that despite “the obvious global challenges,” its professional information business at Dow Jones, the publisher of The Wall Street Journal, saw revenues surge. Revenue for the overall Dow Jones segment was up 11% this quarter.

Last month Rupert Murdoch and his son Lachlan Murdoch called off the proposed merger between News Corp and Fox Corp, after determining “a combination is not optimal for shareholders” of either of the companies at this time.

The withdrawn proposal came as News Corp has been in advanced talks to sell its stake in Move Inc., the parent company of Realtor.com, to commercial real estate company CoStar Group. The company said Thursday it was still engaged in those discussions.



Source

‘Superman’ snares .5 million in Thursday previews on way to 0 million opening
Business

‘Superman’ snares $22.5 million in Thursday previews on way to $140 million opening

David Corenswet stars are Superman in Warner Bros.’ “Superman.” Warner Bros. Discovery It’s not a bird or a plane that soared into cinemas Thursday night — it was Warner Bros.’ “Superman.” The first film in the new era of DC films under James Gunn and Peter Safran snared $22.5 million from preview showings. It’s the […]

Read More
Levi Strauss raises sales guidance, says it will absorb some tariff costs for now
Business

Levi Strauss raises sales guidance, says it will absorb some tariff costs for now

Levi Strauss raised its full-year guidance Thursday and said it’s working to absorb some of the costs it’s facing from higher tariffs, but that could change as President Donald Trump’s trade policy evolves.  The denim maker doesn’t disclose its key manufacturing hubs, but much of its supply comes from Southeast Asia. Many countries in the […]

Read More
IMAX is headed for its best year on record as it capitalizes on Hollywood’s box office rebound
Business

IMAX is headed for its best year on record as it capitalizes on Hollywood’s box office rebound

General atmosphere during an IMAX private screening for the movie “First Man” at an AMC theater in New York City on Oct. 10, 2018. Lars Niki | Getty Images Entertainment | Getty Images More than a year before “F1: The Movie” would eventually hit theaters, Apple struck a deal with IMAX. The studio secured the […]

Read More