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Reuters
News Corp plans job cuts, misses estimates for earnings
(Reuters) -News Corp said on Thursday that it would cut 5% of its workforce, or 1,250 jobs, after the media conglomerate fell short of quarterly Wall Street estimates for profit and revenue, hurt by declines across its businesses including news. The company also said it incurred $6 million in one-time costs associated with its plans to merge with Fox Corp, which News Corp Executive Chairman and Fox Co-Chairman Rupert Murdoch scrapped in January. A slump in advertising spending by businesses hit by rising inflation and higher interest rates has dented one of the major sources of revenue for companies such as News Corp, which publishes the Wall Street Journal (WSJ).
