 |
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.
WNET, the nation’s largest public media company, names Edward O’Keefe its next president and CEO, effective September 21. O’Keefe succeeds Neal Shapiro, who becomes president emeritus and will retire at the end of the year... The Stealth Bot Prohibition Act, which would empower news publishers and other content providers to defend themselves by mandating transparency for all bots crawling their sites, in introduced in the House by Rep. Laurel Lee (R-FL) and Rep. Valerie Foushee (D-NC)... Google gets socked by European Union regulators with a $1 billion fine for using the platform’s dominance as a search engine to illegally undercut competition.
Boston Globe Media acquires InstaTrac, a company that provides subscription-based services aimed at making government information easier to find, track, and understand... AARP names former New Republic CEO and publisher Michael Caruso as its SVP and chief content officer, unifying the organization's portfolio of media, live events and digital platforms... The Fund for American Studies, an educational nonprofit, awards its inaugural Journalism Excellence Fellowships.
Trump Media and Technology Group Corp. has replaced CEO and former California Congressman Devin Nunes with Kevin McGurn, a seasoned media sales executive.
The Pittsburgh Post-Gazette is being bought by the Venetoulis Institute for Local Journalism, a nonprofit that is the parent organization of the Baltimore Banner... The British Broadcasting Corporation is axing approximately 2,000 jobs, about 10 percent of its work force... Snap, the company behind Snapchat, is also succumbing to layoff fever, announcing plans to lay off 16 percent of its employees, about 1,000 people.
CBS News Radio will go off the air on May 22, part of the axe-swinging managerial plan put into play by CBS editor-in-chief Bari Weiss... The Economist, which was first published in 1843, is changing hands. Canadian billionaire Stephen Smith has agreed to acquire a 26.9 percent stake in the publication from Lady Lynn Forester de Rothschild, her family and family foundation... Nexstar Media Group says it has closed its acquisition of TEGNA, the broadcast, digital media and marketing services company that was formed in 2015, when the Gannett Company split into two publicly traded companies.
