TechHR
ex
L&D
UNPLUGGED
Sphere
About Us • Contact Us
People Matters ANZ
People Matters Logo
Login / Signup
People Matters Logo
Login / Signup
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

 

 

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
  • About Us
  • Advertise with us
  • Become a sponsor
  • Contact Us
  • Feedback
  • Write For Us

Follow us:

Privacy Policy • Terms of Use

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

People Matters Logo
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast
Login / Signup

Categories:

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
News Corp Australia initiates restructuring program and axes jobs across commercial division

News • 3rd Aug 2021 • 2 Min Read

News Corp Australia initiates restructuring program and axes jobs across commercial division

Employee Relations#Jobs

Author: People Matters Editorial Team People Matters Editorial Team
2.5K Reads
News Corp cut down 30 to 50 roles in its commercial division in a bid to reorganize their commercial business delivery. To ramp up the restructuring program, McKinsey has been roped in (again) to assist with the reseeding and emerging commercial prospects.

Australia’s largest media conglomerate, News Corp Australia has cut down about 30 to 50 commercial roles in recent weeks and hired McKinsey for its restructuring program. This is McKinsey’s second comeback to News Corp Australia in just 12 months. Prior to this, it was working with the publisher of the leading newspapers like The Australian, Daily Telegraph, and Herald. It was also associated with News Corp-controlled pay-TV company, Foxtel and successfully carried out the integration of Foxtel and Fox Sports in the past years. 

Although McKinsey refused to make a comment on its association with News Corp, a spokesperson from News Corp Australia confirmed the ongoing restructuring process aimed at redesigning and strengthening the commercial business to satisfy the changing market needs and ensure the recruitment of right and exact portfolios and skills for the future growth of the company. This restructuring exercise will help News Corp position itself as a company focused on reading and subscribing to news online.

News Corp had also hired PwC and Deloitte for consultations and deliberations on cost cuttings, consolidation of editorial and commercial functions, and a review of the regional newspaper business last April. It also pulled a plug on more than 100 print publications to reduce advertising costs, causing the loss of up to 1000 jobs. 

Upto June 2021, job losses due to cost cuttings were a common scene in Australia, The Daily Telegraph, and The Herald Sun. However, the News Corp sales division staff were exempted from the redundancy rounds. But it brought together staff from Metropolitan and other various regional and local publications under its head. 

For corporate motives like mergers and acquisitions, News Corporation, News Corp’s global parent company, raised more than US $1 billion in debt from the private market. Michael Miller, News Corp Australia executive chairman affirmed that the money acquired from local acquisitions is directed to the New York financial investment team. Simultaneously with the two multimillion-dollar deals signed between News Corp and Google and News Corp and Facebook, the media company announced hirings in 100 new editorial roles which incorporate 30 cadet positions and 20 positions across digital local and regional mastheads. 

 

 

 

 

 

Read More

Did you find this article helpful?


You Might Also Like

The end of non-compete for low and mid-income

NEWS • 25th Mar 2025 • 3 Min Read

The end of non-compete for low and mid-income

Employee Relations#EmploymentLaw
Remote employees less likely to see pay hikes

NEWS • 17th Dec 2024 • 2 Min Read

Remote employees less likely to see pay hikes

Compensation & BenefitsEmployee Relations#HRTech#HRCommunity
Amazon orders staff back to office

NEWS • 17th Sep 2024 • 3 Min Read

Amazon orders staff back to office

LeadershipEmployee Relations#HRTech#RemoteWork#HRCommunity
NEXT STORY: Australian casino giant Crown pays $61 million in an underpaid tax case, license under review

Trending Stories

  • design-thinking-hr

    ChatGPT Walks It Back — AI Giants Race Ahead

  • design-thinking-hr

    Skype is dead: Did Microsoft's leadership let a billion-doll...

  • design-thinking-hr

    From copy-paste to creative spark: mastering generative AI i...

  • design-thinking-hr

    Keeping the C-suite in the C-suite - how do we reduce execut...

People Matters Logo

Follow us:

Join our mailing list:

By clicking “Subscribe” button above, you are accepting our Terms & Conditions and Privacy Policy.

Company:

  • About Us
  • Advertise with us
  • Become a sponsor
  • Privacy Policy
  • Terms of Use

Contact:

  • Contact Us
  • Feedback
  • Write For Us

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

Get the latest Articles, Insight, News & Trends from the world of Talent & Work. Subscribe now!
People Matters Logo

Welcome Back!

or

Enter your registered email address to login

Not a user yet? Lets get you signed up!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

People Matters Logo

Welcome! Let's get you signed up...

Starting with the absolulte basics.

Already a user? Go ahead and login!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

Let's get to know you better

We'll never share your details with anyone, pinky swear.

And lastly...

Your official designation and company name.