The company, which owns media properties including The Wall Street Journal, the New York Post, Barron’s and HarperCollins, said the tough marcoeconomic environment and higher interest rates have been impacting the company.
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On Thursday the company reported its quarterly results and said its quarterly revenue decreased 7% to $2.52 billion. Media companies, particularly digital media, has been contending with a challenging advertising market in recent months.
“Just as our company passed the stress-test of the pandemic with record profits, the initiatives now underway, including an expected 5 percent headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth,” CEO Robert Thomson said in the earnings release Thursday.
Thomson noted that despite “the obvious global challenges,” its professional information business at Dow Jones, the publisher of The Wall Street Journal, saw revenues surge. Revenue for the overall Dow Jones segment was up 11% this quarter.
The withdrawn proposal came as News Corp has been in advanced talks to sell its stake in Move Inc., the parent company of Realtor.com, to commercial real estate company CoStar Group. The company said Thursday it was still engaged in those discussions.