News Corp, Owner Of Major Newspapers Like The Wall Street Journal, The Times, And The Sun, Announced It Will Unfortunately Have To Lay Off 5% Of Its Workforce

Written by Bruno Teles

Published on 10/02/2023 at 21:04

Wall Street Journal (Foto/divulgação)

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News Corp, the giant controlled by billionaire Rupert Murdoch, announced it will lay off around 1,200 workers – 5% of its workforce. This decision comes after the company’s profits plummeted in its book publishing, news media, and digital real estate divisions.

Sales fell 7.2%, to US$ 2.5 billion in the last fiscal quarter, and EBITDA (earnings before interest, taxes, depreciation, and amortization) decreased by 30%, to US$ 409 million. The devastating drop in revenue is responsible for the need for layoffs at News Corp.

CEO Robert Thomson stated that, amid persistent interest rates and inflation, the job cuts are a necessary response. The measure will affect all of the group’s businesses – including The Wall Street Journal, HarperCollins, The Times, and The Sun – with estimated savings of US$ 130 million annually. Employees will be laid off as the company seeks to navigate the crisis.

News Corp had approximately 25,500 employees in June of this year, of which 9,000 are in the United States, 5,500 in Great Britain, and 8,000 in Australia. Additionally, about 4,000 are represented by unions.

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Technology Giants Announce Job Cuts in Brazil as Part of a Global Restructuring Plan. Google and Yahoo Are Among the Companies Making Adjustments to Improve Their Market Competitiveness

The Google and Yahoo have kicked off the wave of layoffs in Brazil. About 170 workers were laid off between Thursday and Friday, the 10th. Google, which announced last month the firing of 12,000 people globally, half of its workforce, laid off 90 Brazilians.

According to Layoffs Brazil, cloud computing teams were the most affected by the second round of cuts at Google in 12 months. It is a difficult time for the workers affected by these drastic changes.

Yahoo, Amazon, Microsoft, and Meta have announced large-scale layoffs in recent months. Yahoo laid off 20% of its global workforce, with 80 employees in Brazil being affected.

Amazon laid off 18,000 people worldwide, while Microsoft opted to let go of 10,000 employees. Finally, Meta, the owner of Facebook and Instagram, laid off 11,000 staff at the end of 2019 and does not rule out further cuts in the coming months. All these measures occur at a time when advertising revenues are declining and the U.S. economy is feared to enter recession.

News Corp, Owner Of Major Newspapers Like The Wall Street Journal, The Times, And The Sun, Announced It Will Unfortunately Have To Lay Off 5% Of Its Workforce

News Corp, the giant controlled by billionaire Rupert Murdoch, announced it will lay off around 1,200 workers – 5% of its workforce. This decision comes after the company’s profits plummeted in its book publishing, news media, and digital real estate divisions.

Technology Giants Announce Job Cuts in Brazil as Part of a Global Restructuring Plan. Google and Yahoo Are Among the Companies Making Adjustments to Improve Their Market Competitiveness

Microsoft Announces It Will Lay Off 10,000 Employees

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Turkey is building a billion-dollar shortcut to channel billions of dollars by sea with a 45 km long canal, 275 meters wide and 20.75 meters deep, which promises to relieve the Bosphorus amid the crisis in the Strait of Hormuz.

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News Corp, Owner Of Major Newspapers Like The Wall Street Journal, The Times, And The Sun, Announced It Will Unfortunately Have To Lay Off 5% Of Its Workforce

News Corp, the giant controlled by billionaire Rupert Murdoch, announced it will lay off around 1,200 workers – 5% of its workforce. This decision comes after the company’s profits plummeted in its book publishing, news media, and digital real estate divisions.

Technology Giants Announce Job Cuts in Brazil as Part of a Global Restructuring Plan. Google and Yahoo Are Among the Companies Making Adjustments to Improve Their Market Competitiveness

Microsoft Announces It Will Lay Off 10,000 Employees

A giant printer called the “Ferrari” of concrete has landed in Latin America and can already build a 120-square-meter house in just 48 hours, making the traditional construction site look like something from the last century.

Great Atlantic Sargassum Belt has ceased to be a climatic phenomenon and has become a biological system that feeds on itself, with 8,000 kilometers in length, 37 million tons of algae, and scientists confirm that it is now permanent.

Brazil will harvest a record crop of up to 357 million tons of grains, but it does not have the capacity to store a large part of it. The storage deficit has reached the highest level in history and is equivalent to almost the entire production of Argentina.

She started by collecting oyster shells from restaurants and today she has already accumulated more than 10 tons to restore reefs, recover coastal habitats, and demonstrate how a common waste can become a tool for ocean conservation.

Scientists have discovered that the Earth recycles its own continents in the depths, dragging pieces of crust down during plate collisions and returning them later as magma, in a mechanism called relamination that has helped build the continents for billions of years.

Turkey is building a billion-dollar shortcut to channel billions of dollars by sea with a 45 km long canal, 275 meters wide and 20.75 meters deep, which promises to relieve the Bosphorus amid the crisis in the Strait of Hormuz.

Carrefour, Assaí, and Atacadão supermarkets will have to follow a new rule on holidays.

INSS gives retirees until June 20 to contest undue deductions, after returning more than R$ 3 billion to 4.5 million people, and an agreement allows receiving corrected amounts within up to three business days directly into the benefit account.

WEG chooses a city with 51,000 inhabitants in SC to build a R$ 900 million factory, produce giant energy equipment, and generate around 1,000 direct jobs in a project connected to the Santa Catarina ports and expected to operate in 2028.

Construction stops in a city in RN and the builder points to Bolsa Família after saying that 4 employees left positions paying nearly R$ 3,000 to preserve the aid, reigniting the debate about the lack of labor in the interior of Brazil.

With around 250,000 tons and powered by liquefied natural gas, the Legend of the Seas debuts as the largest cruise ship ever built in the world.

After 40 years of floods, a city in SC advances with a 943-meter underground tunnel using controlled detonations, a R$ 20 million project that promises to reduce flooding and transform extracted rocks into material for road recovery.

While Paraguay promises R$ 250 billion in data centers for AI, Brazil responds with an unprecedented megastructure in Latin America, R$ 30 billion in supercomputers, foreign giants competing for space, and a technological advantage difficult to achieve on the continent.

Government promises to destroy driver’s licenses and a decision involving more than 28,000 documents at the Detran, potentially affecting thousands of drivers as an unexpected consequence that almost no one is noticing.

Woman shows Cold War underground silo preserved in the desert: armored doors, reinforced concrete, command center, and missile over 30 meters long