Tag Archives: cost cutting

FOX O&O Layoff Watch: News Corp Reports Massive $6.4 Billion Dollar Loss; Local Stations Declined 44%

The breeze you may have felt along Sixth Avenue Thursday was the massive gasp at the numbers emanating from News Corp headquarters, where the financial report was down, and decidedly so:  “News Corporation had income of $320 million, or 12 cents a share, significantly below the Wall Street expectations. Analysts had forecast earnings of 19 cents a share, according to Thomson Reuters,” reported the New York Times.  

News Corp titan Rupert Murdoch telling the paper: “Our results for the quarter are a direct reflection of the grim economic climate,” he said. “While we anticipated a weakening, the downturn is more severe and likely longer-lasting than previously thought.”

The next shoe to drop may be in the newsrooms at FOX O&O’s, starting on the Upper East Side in New York.  According to the Times, “The company’s local television stations had a 44 percent decline, ‘reflecting a significant overall weakening of the local advertising markets despite increased political advertising revenues,’ the company said in a statement.”  That, kids, sounds like the kind of statement that preceeds another round of cost-cutting, and word from New York tonight indicates at least one well-known Fox 5 face has already left the building at WNYW’s E. 67th Street studios.

Developing…we will post details on the latest layoff at WNYW as soon as we can confirm the details.  Expect an update here on the site overnight or early Friday morning, though the standard bio scrub has already happened on the Fox 5 website.

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