News Corp Hires Deloitte To Cut Costs

Manhattan, New York USA - July 9, 2011: People by the News Corporation Headquarters. News Corp is a large media conglomerate. Rupert Murdoch The company's founder, Chairman & Chief Executive Officer.

News Corp Australia has brought in consultancy firm Deloitte to help reduce costs, as the media business deals with the fallout of COVID-19.

Anonymous sources told the Sydney Morning Herald Deloitte had been hired to advise on the restructure of News Corp’s newspaper division.

It is expected to centralise some editorial and commercial functions as a result.

News Corp has already brought together some advertising teams across various titles over the past 12 months, however, with COVID-19 leading to a sharp downturn in advertising revenue further synergies must now be found.

Like many other media businesses, News Corp has already been forced to dramatically cut costs in light of recent events.

Earlier this month News Corp announced it would suspend the printing of 60 community titles in NSW, Victoria, Queensland and South Australia.

“The suspension of our community print editions has been forced on us by the rapid decline in advertising revenues following the restrictions placed on real estate auctions and home inspections, the forced closure of event venues and dine-in restaurants in the wake of the Coronavirus emergency,” News Corp Australasia executive chairman Michael Miller said at the time.

The Murdoch-owned business also released a statement to the US Securities Exchange Commission warning that the outbreak has “created significant volatility, uncertainty and economic disruption” for the business.

While subscriptions to some of its news publications such as the Wall Street Journal, The Times and The Sunday Times have increased, this is expected to be nullified by a loss in Kayo and Foxtel subscribers.

News Corp will announce its latest financial results on May 7.

 




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