Post date: Jun 20, 2012 11:26:51 AM
SYDNEY, AUSTRALIA (RECENT) (NINE NETWORK) - News Limited, the Australian wing of Rupert Murdoch's News Corporation, has revealed details of a long expected restructuring exercise, including an unspecified number of job loses.
Rupert Murdoch's News Limited, the Australian wing of News Corporation, has revealed details of a long expected restructuring exercise, including an unspecified number of job loses.
The news came just hours after the group launched 1.97 billion Australian dollar ($2 billion U.S. dollar) offer for Consolidated Media, which owns 25 percent of Foxtel, Australia's biggest pay-TV provider and 50 percent of Fox Sports Australia, a producer of subscription sports TV channels.
The move would see News Limited gain complete ownership of Fox Sports Australia and 50 per cent of Foxtel and is likely to be examined by the Australian Competition and Consumer Commission.
CEO of News Limited, Kim Williams, released a video statement saying the restructure would lead to job loses, but did not say how many.
"We cannot say today how many positions will be made redundant as it will take time to roll out the new model. I will make sure that we communicate openly with those affected and that at all times people are treated with respect and dignity. Whilst there will be retrenchments many positions will be retired through natural attrition. Naturally where any position is made redundant the person affected will receive all their entitlements," he said.
Staff and unions reacted angrily to the news.
"People are still going to be worried for some of their jobs, obviously, because we don't know who or when," Ean Higgins, a News Limited journalist said of the news.
"We don't want people, particularly in the current climate of the media market, left hanging," said Paul Murphy of the Journalists Union.
News Limited includes publications of The Australian, The Daily Telegraph and the Herald Sun.