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News Corporation’s (ASX:NWS) Australian News Ltd division is gearing up to slash costs by up to 20 per cent.
The information has come from a leaked memo, from News Ltd to online magazine Crikey, that has been confirmed to be authentic by News Ltd.
According to the media giant’s publications, News Ltd will not hire new staff or replace those who leave as part of the cost cutting measures over the next three years.
The cost cuts will be implemented in response to weak advertising revenue and geared towards generating cash to invest into digital publishing.
Shares in News Corporation closed 3.34 per cent higher yesterday at $15.76.
In the 2011 financial year NewsCorp booked a net profit of just under $2.7 billion.
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