US Media Giant Announces Lay off Plans
With the ongoing economic crisis which hit most US industries, even News Corp which is the largest media conglomerate in the world is not spared from the financial trouble following its reports about massive quarterly loss.
With this gloomy economic condition, the media giant announced to lay off unconfirmed numbers of employees.
News Corp, the world’s largest media conglomerate, has recently announced it will lay off employees in an effort to cut costs following its huge quarterly loss.
News Corp. Founder and chairman Rupert Murdoch said the company is facing “grim economic climate” as its net profit during the second quarter experienced massive loss amounting to $6.41 billion compared to last year’s profit increase of $832 million.
One reason for the slumping profit of the media conglomerate is the decrease in asset of Dow Jones & Company which owns The Wall Street Journal, Barron’s Magazine, Far Eastern Economic Review, and other major publications in US.
In a statement, Murdoch cited the highly volatile economic condition that hit the media empire, adding that they are expecting things to get worse as experts all predicted that the ongoing economic recession will be deeper and protracted.
The media mogul also warned that they are considering various measures to cut costs including operation cut and workforce reduction. Meanwhile, he did not elaborate further details such as the number of affected workers or the exact date of its implementation.
To allay some concerns of stockholders, Murdoch said the media empire is well prepared for a long downturn, adding that executives they will stick to measures that will maximize operational profitability.
Recently, Wall Street Journal announced it will lay off 14 employees in addition to 11 people who lost their jobs few weeks ago.
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