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Fox News is restructuring its business operations, a move that will trim almost three percent of its workforce.
“As Fox News Media has evolved into a streamlined multi-platform organization, we are realigning several functions and restructuring various divisions in order to position all of our businesses for ongoing success,” the network said in a statement.
No cuts will be made to on-air talent.
Deadline reports the cutbacks due to COVID-19 are on the hair and make-up department.
Guests will no longer receive makeup and hair services; only anchors and contributors will because of concerns over safety amid the pandemic.
Fox Corp. suffered a 73.3 percent decline in Q4 (ended June) net to $122M on a four percent dip in revenues to $2.4B.
Ad revenues fell 22 percent at the FOX Television Stations, There also were fewer live events at FOX Sports and fewer hours of scripted programming at FOX Entertainment due to the pandemic.
CEO Lachan Murdoch remains upbeat. "We entered the COVID-19 crisis on sound operational and financial footing and we expect to emerge from this pandemic more competitive, more focused and even more strongly positioned to deliver value for our viewers, partners and shareholders in the years ahead," he said.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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