Former President Donald Trump recently wrote the following on Truth Social linking to an article about Rupert Murdoch losing money with Fox News and firing 5% of his employees:
“If Fox News treated MAGA and America First supporters the way they should, and if they discussed the biggest story of our time, the [allegedly flawed] 2020 Presidential Election, people would come back to Fox, maybe! They’ve left CNN and MSDNC, Fox is down 30%, all because the REAL NEWS, is cancelled. We’re getting the word out anyway, and we will indeed MAKE AMERICA GREAT AGAIN!”
It has been noted that Billionaire Rupert Murdoch’s News Corp. said it will cut 5% of its staff this year, or about 1,250 positions, across its empire after earnings plunged in its book publishing, news media and digital real estate divisions.
The reductions are “a necessary response” amid a “surge in interest rates and persistent inflation,” Chief Executive Officer Robert Thomson said on the New York-based media conglomerate’s second-quarter earnings call Thursday.
It is to be noted that employees will be let go across all the group’s businesses, which include the Wall Street Journal, publisher HarperCollins, and The Times and The Sun newspapers in the U.K., according to Thomson. The annual savings will be at least $130 million, he said.
Sales fell 7.2% to $2.52 billion in the fiscal quarter ended Dec. 31, the publisher reported Thursday. Earnings before interest, taxes, depreciation and amortization were down 30% to $409 million.
News Corp. had about 25,500 employees, including 9,000 in the U.S., 5,500 in Britain and 8,000 in Australia as of June, it said in its latest annual report. Some 4,000 are represented by unions.The announcement is the latest in a string of job cuts across technology and media businesses, following reductions of 7,000 at The Walt Disney Co. and 6,650 at Dell Technologies Inc. earlier this week.
Management declined to comment on the potential sale of News Corp.’s stake in online real estate business Move Inc., after Murdoch withdrew a proposal to rejoin News Corp with Murdoch’s other business Fox Corp. Shares fell 1.4% to $20.59 on Thursday in New York.
