News Corp Australia reportedly is to cut $20 million in costs from The Australian, Daily Telegraphand Herald Sun over the next two years.
The Sydney Morning Herald (SMH) says the move aims to make the newsrooms financially viable over the long term.
"The project, which staff are referring to as ‘Audience 25’, is the latest move by the Murdoch-controlled media company to find efficiencies against the backdrop of rising inflation and broader global economic pressures," says the SMH.
"Media sources, who spoke on the condition of anonymity because the project is confidential, said senior executives are in the process of identifying where to reduce costs."
News Corp reported revenue of $US2.48 billion in the September quarter, down 1% on the same three months last year and slightly below market expectations.
The media group is this month due to report December quarter results.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.