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News Corp to cut jobs in UK newspaper, radio business: memo

Stock MarketsJun 10, 2020 07:30PM ET
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© Reuters.

By Kanishka Singh

(Reuters) - Rupert Murdoch's News Corp (O:NWSA) will need to cut jobs in its British newspaper and radio operations as part of a business review aimed at reducing costs, News UK Chief Executive Rebekah Brooks said in a letter to staff on Wednesday.

"In the coming months, we will need to streamline the business and take some tough decisions, saying goodbye to some valued and talented colleagues," Brooks said in the letter seen by Reuters.

The letter did not mention the scale or number of job losses that could occur after the step.

The review has been triggered by the impact of the coronavirus outbreak and its resulting lockdown, according to a News UK spokeswoman.

"To secure the future of our brands, in the coming months we will need to streamline the business and take some tough decisions," the spokeswoman told Reuters in an emailed statement.

News UK includes the Times of London, The Sunday Times and The Sun newspapers, along with Virgin Radio, talkSPORT and talkRADIO.

The development comes as coronavirus-related shutdowns gut advertising revenues and accelerate a downturn in the media sector in many parts of the world.

The outbreak has accelerated the decline of print advertising and sales. The pressure on traditional media in some parts of the world has been evident for years as advertisers chase the audience reach of internet giants like Facebook Inc (O:FB) and Alphabet Inc's (O:GOOGL) Google.

The Australian arm of News Corp said late last month it will stop printing more than 100 regional newspapers, adding that the closures would lead to job cuts.

 

News Corp to cut jobs in UK newspaper, radio business: memo
 

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