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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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 village with 115 inhabitants wants new residents: it offers a house, a job, up to 44 thousand euros in benefits, almost free rent, an annual grant of 8 thousand euros for 3 years, and a 20 thousand euro incentive for businesses in the mountains of Italy.

Seven world powers including the US, China, and Russia are spending €22 billion on a reactor in the south of France that aims to confine plasma at 150 million degrees Celsius, ten times the temperature of the Sun’s core, using a magnetic field capable of lifting an entire aircraft carrier.

With a wingspan of 152 meters, 76 tires, and a capacity to carry 1,270 tons, the Boeing Pelican was the giant “flying ship” that promised to cross oceans close to the water on an invisible air cushion beneath its wings.

Elon Musk’s internet comes to mobile: Starlink technology connects smartphones without an antenna via satellite, works even without carrier signal, already costs just US$10 extra in the US, and could arrive in Brazil as an included benefit.

While countries spend billions to draw water from the sea, a Nobel-winning scientist creates a container-sized machine that extracts up to 1,000 liters per day from dry air and uses ultrasound to release water in minutes, even in the middle of the desert.

After 16 years and almost 600 prototypes, a Chinese inventor unveils the world’s smallest and cheapest manned jet, at just 3.80 meters long and costing US$7.2 thousand in materials.

Belgium will sink 23 giant concrete caissons, each weighing 22,000 tons, in the North Sea to build the world’s first artificial energy island 45 km off the coast, forming offshore electrical walls.

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