News Corp. Australia is planning on axing between 500 and 1000 jobs across its divisions amid plans for restructuring and cutting costs while consolidating its editorial and commercial operations.
As per reports, the company could announce the round of layoffs as early as Thursday. This will come as another blow to the media industry which is already facing huge losses, redundancies and closures due to the pandemic.
The move comes as News Corp. plans to “embrace digital audiences and adapt to large declines in advertising spending caused by the COVID-19 pandemic.”
As of now, the company has declined to comment on the situation.
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