Deals
News Corp. Makes A$2 Billion Pay-TV Bid as Newspaper Jobs Cut
This article is for subscribers only.
Rupert Murdoch’s News Corp. offered A$2 billion ($2 billion) to double its stake in Australia’s biggest pay-television network and will cut newspaper jobs as it shifts to more profitable broadcasting.
The nation’s largest newspaper publisher said in a statement it’s seeking to buy Consolidated Media Holdings Ltd. to boost its ownership of Foxtel to 50 percent. News Corp.’s Australian newspaper unit plans to cut an unspecified number of jobs, slash more than 70 percent of its divisions and expand its online business, two days after rival Fairfax Media Ltd. announced it would eliminate 1,900 jobs.