News Corp has announced it would cut five per cent of its workforce due to falling short of its quarterly earnings estimates
The decline in profit and revenue was attributed to decreases in multiple businesses, including news.
The company also revealed it had incurred $6 million in one-time costs associated with its former plans to merge with Fox Corp, which were scrapped by Rupert Murdoch in January.
Advertising spending has suffered due to rising inflation and interest rates, affecting one of the primary sources of revenue.
Approximately 1,250 jobs will be cut.
