Rupert Murdoch-owned News Corp. has announced it will eliminate 1,250 jobs from the company, resulting in nearly 5% of its workforce being eliminated.
A report from CNBC claims the company’s quarterly revenue fell to $2.52 billion, a decrease of 7%.
“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 Thursday.
News Corp. is the parent company to publications like The Wall Street Journal, The New York Post, and major book publisher HarperCollins, among others.
While quarterly revenues were down for the company as a whole, the CNBC report claims revenue from Dow Jones — the publisher of The Wall Street Journal — rose 11%.
The news comes on the heels of a proposed merger between News Corp. and Fox Corp. being called off after the company said the combination “is not optimal for shareholders” of either company.
