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.
SHARE
THIS



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.

 

Please login with linkedin to comment

Deloitte News Corp

Latest News

“We’re In Big-Bang Readiness”: Flight Centre To Ramp Up Media Buying Activity
  • Advertising
  • Marketing
  • Media

“We’re In Big-Bang Readiness”: Flight Centre To Ramp Up Media Buying Activity

Flight Centre Travel Group is anticipating some of its biggest years of growth as Australia’s vaccination rollout gains momentum, travel restrictions ease and international borders start re-opening. With travel industry leaders forecasting unprecedented demand for both domestic and international travel as the world moves into a phase of post-COVID management, Flight Centre Australia general manager […]

Acast Announces New Podcast ‘The Elements’
  • Media

Acast Announces New Podcast ‘The Elements’

From the audio producer of The Teacher’s Pet comes The Elements, a new Acast Creator Network podcast hosted by Thredbo survivor Stuart Diver. The Elements is a  podcast that journeys into the heart of surviving a natural disaster and will be hosted and distributed by the creator-first podcast company Acast as part of the Acast Creator […]

Herd MSL Announces Foxtel Account Win
  • Advertising
  • Marketing

Herd MSL Announces Foxtel Account Win

Comms agency Herd MSL announces Foxtel win. Forgoes office party poppers on account of the new $1300 Dyson cordless vac.

DoubleVerify Launches Enhancements To Brand Safety And Suitability Solution
  • Technology

DoubleVerify Launches Enhancements To Brand Safety And Suitability Solution

DoubleVerify has today announced enhancements to its brand safety and suitability solution that include the introduction of DV’s Brand Safety Floor as a turnkey option, extending Brand Suitability Tiers on YouTube, and more. Available to both advertisers and publishers since January 2021, Brand Suitability Tiers allow brands to align suitability settings with their own unique standards, […]

Aimee Buchanan Lands GroupM CEO Job
  • Media

Aimee Buchanan Lands GroupM CEO Job

Aimee Buchanan quits OMD to take up GroupM CEO role. Leaving gift ideas include mounted moose head & ALDI traffic cones.

Retired Marketing Man Andrew Piccoli Speaks About His Children’s Book ‘Dexter The Dahu’
  • Marketing

Retired Marketing Man Andrew Piccoli Speaks About His Children’s Book ‘Dexter The Dahu’

Andrew Piccoli spent his career overseeing some of Australia’s most memorable ad campaigns. Now, he has turned his attention to a particular area of passion: children’s literature. Now retired, Piccoli spent the COVID-19 lockdown writing the story of Dexter the Dahu for children aged between five and nine. He has donated a copy of the charming […]