News Corp Australia announces redundancies and $40m cost-cutting
This article looks at how News Corp Australia has dropped it's staff across all sectors and aims at cutting $40 million in extra costs. News Corp has already cut around 2000 jobs between 2012 and now which is a huge step in cutting costs and it did show how extensive these media corporations were before the Internet took over. - News Corp Australia suffered an 11% fall in advertising revenue in the first quarter, according to the company’s financial results in November.
- Last week News Corp formalised its purchase of the Australian News Channel, which produces Sky News in Australia and New Zealand. Australian News Channel was formerly a joint venture of Seven West Media (33%), Nine Entertainment Co. (33%) and Sky PLC (33%).
Job losses are expected and something needs to be done as a result of the decline of people paying for news across all platforms. If institutions refuse to go behind a paywall then of course they loose out on a lot of money but it also comes a disadvantage because people now a days expect news to come for free.
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