News Corp. - Class B (MM) (NASDAQ:NWS)
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5 Years : From May 2012 to May 2017
News Ltd., the Australian unit of News Corp. (NWS), declined to comment Monday on a report that it is set to cut hundreds of jobs.
Earlier Monday, The Age newspaper, owned by rival Fairfax Media Ltd. (FXJ.AU), reported that News Ltd. was set to cut up to 400 editorial positions.
"It is not News Ltd.'s practice to discuss internal organisational matters and general operational initiatives in public and so we will not be providing a running commentary," a News Ltd. spokesman said in a statement.
News Ltd., which publishes a host of newspapers in Australia including The Australian and The Daily Telegraph, is undergoing a "substantial transformation aimed at improving our business and the quality of our products," he said.
"As we work through internal initiatives we will always work with our staff to ensure that changes are made with care and with a view to minimal disruption as we transform the company and make it stronger in delivering great products to consumers and advertisers," the spokesman said.
News Corp. owns The Wall Street Journal and Dow Jones Newswires.
-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095; email@example.com