News Corp Australia is making 42 journalists, artists and photographers redundant in the latest round of cost-cutting in a bid to slash $40m from Rupert Murdoch’s Australian newspapers.
Journalists at the Australian, the Daily Telegraph, the Herald Sun and the Courier Mail have been offered the chance to take a voluntary redundancy after a fall in revenue from print advertising took its toll.
Forced redundancies will follow if the company does not fill its quota.
The Media, Entertainment and Arts Alliance has confirmed the company is looking to cut 42 full-time equivalent (FTE) roles after a significant cut to the masthead budgets.
“The company has advised MEAA that several FTE positions have been filled by voluntary redundancies from individuals who have registered interest in the past, and the opportunity remains for staff who wish to register interest in voluntary redundancies to do so.
The MEAA accused News Corp of “yet again refusing to commit to an open and transparent round of redundancies”. News Corp Australia has been approached for comment.
The union was holding staff meetings across the country on Wednesday to advise members on their rights.
News Corp Australia suffered an 11% fall in advertising revenue in the first quarter, according to the company’s financial results in November.
Last week News Corp formalised its purchase of the Australian News Channel, which produces Sky News in Australia and New Zealand. Australian News Channel was formerly a joint venture of Seven West Media (33%), Nine Entertainment Co. (33%) and Sky PLC (33%).
News Corp’s Australasia executive chairman, Michael Miller, said the investment brought together two of Australia’s strongest and most credentialed news media sources.
“This is a significant investment that reinforces News Corp Australia’s continued commitment to quality journalism, talent and content,” he said.
“I’m excited by the prospects offered by this acquisition and to lead a company that is investing in the best news coverage for all Australians.”
Last year just before Christmas News Corp targeted 55 jobs for redundancy. In 2014 it was revealed that the company had shed 1,000 jobs in the 2012-13 financial year.