Senior Editors to Go in Major News Corp Restructure

Published on May 30, 2024

Multinational publisher News Corp has today announced a far-reaching restructuring plan that could see as many as 100 staff shed from its Australian operations as it tries to save $65 million (US$43 million) in operating costs. The business will now comprise three units: free mastheads, subscription-based tabloid newspapers, and what it’s calling “prestige titles”: the Australian newspaper, Vogue magazine, The Weekend Australian Magazine, and other Condé Nast titles. This is the second round of cuts in as many years. In the first six months of 2023, News Corp slashed costs by US$160 million in response to falling ad revenues. The company recently announced revenue had fallen 1 percent to US$2.42 billion in the quarter ended March 31, while net profit declined by 40 percent to $30 million....

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