News Corp plans to cut 5% of its headcount, about 1,250 people, in 2023.
The media group expects this to generate an annualised cost savings of at least $130 million.
News Corp says the cost saving is in reponse to "macroeconomic challenges" facing many of its businesses.
The company earlier released December quarter earnings, showing weaker revenue as interest rates rose and inflation took hold.
The global media group posted a 7% fall in revenue to $US2.52 billion in the December quarter, down from analyst expectations of $2.55 billion.
In New York, CEO Robert Thomson said: “The second quarter highlighted the progress made in certain of our business segments.
"Obviously, a surge in interest rates and acute inflation had a tangible impact on all of our businesses. But we believe these challenges are more ephemeral than eternal.
"Just as our company passed the stress-test of the pandemic with record profits, the initiatives now underway, including an expected 5% headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth."
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