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NWSA is a media conglomerate with brands like The Wall Street Journal, Herald Sun, and The Times, operating in US, UK, and Australia. The Murdoch family trust controls 39.4% of NWSA's voting interest.
Yahoo Finance anchor Julie Hyman reports the latest notable business headlines include the SEC cracking down on crypto staking practices, Citigroup being barred from Texas bonds, and News Corp. cutting 5% of its staff.
News Corp (NASDAQ:NWS) said it will be reducing its headcount by 5% or 1,250 jobs as a slowdown in advertising spend by businesses due to rising interest rates and high inflation dented the media conglomerate's fiscal second quarter 2023 earnings. Shares of News Corp (NASDAQ:NWS), which owns publications such as The Wall Street Journal, the New York Post, and The Australian, were trading down 9% at about US$18.97 shortly after the stock market opened on Friday.
News Corp. (NASDAQ: NWSA ) layoffs are on the way after the company announced plans to cut jobs throughout 2023. News Corp. has revealed it will cut 1,250 jobs by the time 2023 comes to an end.
CNBC's Joe Kernen reports on layoff news.
News Corporation (NASDAQ:NWSA ) Q2 2023 Results Conference Call February 9, 2023 5:00 PM ET Company Participants Michael Florin - Senior VP and Head of IR Robert Thomson - CEO and Director Susan Panuccio - CFO Conference Call Participants Kane Hannan - Goldman Sachs David Karnovsky - JPMorgan Craig Huber - Huber Research Entcho Raykovski - Credit Suisse Alan Gould - Loop Capital Brian Han - Morningstar Johnny Huynh - Evans & Partners Darren Lung - Macquarie Operator Welcome to News Corp's Second Quarter Fiscal 2023 Earnings Conference Call. Today's conference is being recorded.
Rupert Murdoch's News Corp., home to media properties including the Wall Street Journal, Dow Jones and HarperCollins, announced as it released disappointing quarterly results that it is laying off 5% of its workforce. The company reported revenue of $2.52 billion, a shade below Wall Street analysts' consensus expectation for $2.55 billion, according to Refinitiv.
Reduced ad spends due to rising inflation and higher interest rates have battered Rupert Murdoch's media conglomerate
Yahoo Finance anchor Dave Briggs reports on Rupert Murdoch no longer pursuing a merger between Fox and News Corporation.