(Reuters) – News Corp Australia said it would restructure its organisation to focus on digital publishing, a move that will also lead to job losses.
Scores of regional and community titles will be published only digitally from June 29 under the reorganisation, the Australian arm of the mass media and publishing firm News Corp
The company did not specify how many jobs could be lost, but Australian media reported up to 1,000 staff could be axed as a result of the restructuring.
It said its print publications had become unsustainable amid the coronavirus pandemic and the loss of revenue to digital platforms that use its content without payment.
“To meet these changing trends, we are reshaping News Corp Australia to focus on where consumers and businesses are moving and to strengthen our position as Australia’s leading digital news media company,” News Corp Australasia Executive Chairman Michael Miller said.
News Corp incurred an impairment charge of $1.1 billion in the third quarter ended March 31, primarily related to a write-down at its struggling Australian pay television unit, Foxtel.
(Reporting by Shreya Mariam Job in Bengaluru; Editing by Stephen Coates)
