News Corp says it’s cutting more than 3,000 jobs amid a ‘toxic environment’
News Corp is slashing its workforce in the US and Australia amid a “toxic atmosphere” for news, the Australian company said.
News Corp, which was founded by Rupert Murdoch in 1957, said the company would cut about 3,800 jobs.
The cuts were announced by chief executive, Jim Richards, in an internal memo to staff.
“We’ve seen the impact of this toxic environment,” Mr Richards wrote.
“I want you to know that this is not an easy decision, but the company’s bottom line demands that we act quickly.”
The company said it would focus on its core business and not expand into new markets, as a result of its ongoing efforts to focus on core core business.
“It is critical that we deliver the highest quality news and information at the lowest cost,” Mr Richardson wrote.
Mr Richards said the layoffs were in response to a number of factors, including “unacceptable levels of harassment and discrimination”.
The news organisation said the cuts would affect its newsrooms in Australia, Canada, the US, New Zealand, Singapore and the UK.
News Corporation said it planned to reduce its workforce by 20 per cent in the next three years, but did not say how many jobs were to be cut.
The company also said it was exploring other opportunities to grow its business.
News of the cuts came a day after it announced it was reducing the workforce of its US-based news and current affairs division by 20 percent, from 10,000 to 7,000 people.
NewsCorp is currently one of the biggest media companies in the world.
The US division of News Corp owns and operates The Wall Street Journal, USA Today, The Washington Post, CNN, Fox News Channel and many other newspapers.
Mr Murdoch was ousted from the company in July 2018, and his sons, James and Lachlan, took over.
Mr Richardson said the news organisation was “very focused on the business” and was working to improve the company “to meet the needs of our clients and employees”.
“The team at News Corp remains focused on delivering a high-quality news product that reflects the world’s most trusted news organisations,” he said.
Mr Richards apology letter “The company is committed to a range of initiatives, including new partnerships and new strategic initiatives, to improve its business performance and the way it delivers its news, including to improve our editorial processes,” he added.
“These are not easy decisions but we know the right decision is always better than the wrong choice.”
News Corp said it had “invested in and invested heavily” in its Australian operations, which have a population of around 10 million.
It said the Australian news media industry had been “driven by strong growth” in recent years, and had “shown significant improvement in recent times”.
The company will have to seek approval from the Australian Competition and Consumer Commission to continue to operate its Australian offices.
“Today, we are not in a position to make further comment,” News Corp spokesman Andrew Horsfield said.
“News Corp Australia is committed in this process to fully cooperate with the commission.
We will provide more information in due course.”