News Corp Australia has confirmed it will axe hundreds of jobs and stop the print editions of more than 100 suburban and regional mastheads as part of a major restructure aimed at cutting costs and consolidating its editorial and commercial operations.
The Sydney Morning Herald and The Age revealed in April that the company was undertaking a major review of its business model and regional publishing business. The cuts follow a string of newsroom closures triggered by the coronavirus pandemic and a faltering advertising market.
Some titles including the Manly Daily, Parramatta Advertiser and Inner West Courier in suburban Sydney will cease publishing in print and move to digital only editions, while others such as the Progress Leader in Melbourne and Rouse Hill Times in NSW will cease altogether.
In a note to staff on Thursday, News Corp executive chairman Michael Miller told staff that the business would move to a digital-focused model which would result in job losses.
“Over recent months we have undertaken a comprehensive review of our regional and community newspapers. This review considered the ongoing consumer shift to reading and subscribing news online, and the acceleration of businesses using digital advertising,” Mr Miller said.
“Our portfolio review highlighted that many of our print mastheads were challenged, and the double impact of COVID-19 and the tech platforms not remunerating the local publisher whose content they profit from, has, unfortunately, made them unsustainable publications.”
On Wednesday night, the Herald and Age reported that between 500 and 1000 jobs could be lost as part of the changes at the publisher, which owns The Australian, The Daily Telegraph and The Herald Sun.
Source and continue reading — Sydney Morning Herald