News Corp Australia 'totally challenged' by shrinking revenue, declining Foxtel
With classified advertising "rivers of
gold" long gone and Foxtel struggling to survive against multinational
streaming giants, Peter Ryan looks at whether News Corp has a future
in Australia.
News Corp Australia executive chairman Michael Miller will spend the following days meeting staff and delivering bad news to journalists who are not among the 375 required in the new business model.
The original idea was that Foxtel would be the cash cow to finance the
newspapers in Australia but, of course, Foxtel is in steep decline, it
has huge borrowings and very reduced advertising and is in a diabolical
state.News Corp Australia executive chairman Michael Miller will spend the following days meeting staff and delivering bad news to journalists who are not among the 375 required in the new business model.
He refused to say how many staff would be axed, despite speculation that between 650 and 1,000 will go.
Struggling Foxtel turns from saviour to dead weight
Why Sky after dark have been screaming "back to work" their jobs are at risk
This month, News Corp posted a $1.1 billion loss for the March quarter, dragged down in Australia by the cable TV business Foxtel, which has seen the plug temporarily pulled on its once-wealthy sports broadcasting model due to COVID-19 restrictions on large events.
"I would think that as soon as he passes, that there would be a push to reassess the Australian operations and whether they want to be in Australia or not."
Foxtel needs to evolve or become extinct
News Corp's Australian pay TV business Foxtel is bleeding subscribers and money, and it needs urgent adaptation or it will soon face extinction
Coronavirus update: Israel considers a second lockdown as infections rise again
Israel's infection rate is on the rise again, prompting its government to consider restricting movements for a second time. Elsewhere, monkeys accost an Indian scientist and take off with blood samples intended for COVID testing.It's alleged Trump will break relations with Israel for declaring the existence of the Coronavirus
Trump terminates US relationship with WHO; Global coronavirus cases top 5.8 million
Simple Trump hides the virus from America it no longer exists in the USA only in the rest of the world
The
US President said the World Health Organisation had failed to
adequately respond to the coronavirus crisis because China had "total
control" over it, and as a result the US would terminate its
relationship with the organisation.
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