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Murdoch’s News Corporation to cut 5% of staff after earnings plunge

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Owner of The Sunday Times and Wall Street Journal to cut about 1,250 staff globally via IrishTimesBiz

Rupert Murdoch's News Corporation will cut about 5% of its workforce globally. Photograph: Michael M. Santiago/Getty ImagesBillionaire Rupert Murdoch’s News Corporation said it will cut 5% of its staff this year, or about 1,250 positions, across its empire after earnings plunged in its book publishing, news media and digital real estate divisions.

The reductions are “a necessary response amid a “surge in interest rates and persistent inflation,” chief executive Robert Thomson said on the New York-based media conglomerate’s second-quarter earnings call on Thursday. Employees will be let go across all the group’s businesses, which include the Wall Street Journal, publisher HarperCollins, and The Times and The Sun newspapers in the UK, according to Thomson. The annual savings will be at least $130 million, he said.

Sales fell 7.2% to $2.52 billion in the fiscal quarter ended December 31, the publisher reported on Thursday. Earnings before interest, taxes, depreciation and amortisation were down 30% to $409 million.

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All so billionaire rupert doesn’t have to take a pay cut. Grotesque greed.

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