News Corp's Oz arm News Ltd to slash divisions in cost-cutting sweep
Sydney, June 20 (ANI): News Limited, Australian arm of Rupert Murdoch's media firm News Corporation, has reportedly planned to slash its operations in a move that is expected to lead to major job cuts.
The revamp, announced to staff by News Ltd chief executive Kim Williams, will reduce the number of its business divisions in New South Wales, Queensland and Victoria from 19 to 5.
"The new model addresses areas where we have skill shortages and are duplicating functions," Williams said in a statement to staff.
"At this stage we cannot say how many roles will be made redundant as full details will be resolved with the implementation," he said.
"Although there will be retrenchments, many roles will be retired through natural attrition," he added.
According to The Sydney Morning Herald, Williams, however, reaffirmed the firm's commitment to its newspapers, including The Daily Telegraph, The Herald Sun and The Australian.
The company employs about 8000 people nationwide, and unions and insiders fear some 1000 positions are at risk in the overhaul.
Fairfax Media, the country's second-largest newspaper group and News Ltd rival, recently revealed plans to cut about one in five of its staff, or 1900 positions.
The company's board is under pressure to grant as many as three seats to billionaire mining magnate Gina Rinehart, owner of almost one-fifth of Fairfax shares. (ANI)
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