It might not be such a merry Christmas at News Corp Australia, with new reports the media giant is set to lose around 55 editorial roles.
This morning, News Corp Australia met with the journalists union the MEAA to discuss a minor redundancy program, including publications The Australian, The Daily Telegraph and the Herald Sun. It is understood that staff and editorial managers were also briefed this morning.
The company’s chief financial officer, Bedi Singh, said during its first-quarter results briefing that News Corp was reviewing its Australian business.
“At News Corp Australia, advertising revenues for the quarter declined 30 per cent or 11 per cent in local currency, as the marketplace was weaker than the prior-year quarter. We again saw softness in several categories including retail, employment, finance and auto, with the real estate category showing modest year-over-year growth,” Mr Singh said at the results briefing.
“We’re actively examining the cost structure at News Australia and looking for additional operating efficiencies in the near term.”
In its first-quarter results, revenue from News Corp’s news and information services division fell 11 per cent to $US1.3 billion, while cable network revenue also declined, falling 11 per cent to $US124 million.
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