Economy

News Corp shuts down several titles in Australia

News Corp shuts down several titles in Australia”

"I said in April that we were passing a tipping point of the impact of migration of digital advertising from print", Mr Miller said.

News Corp's Executive Chairman in Australia, Michael Miller, has been reported as saying apart from the impact of COVID-19 it has been hard to sustain print publications as tech platforms are not remunerating publishers.

"Despite the audiences of News Corp's digital mastheads growing more than 60 percent as Australians turned to trusted media sources during the peak of the recent COVID-19 lockdowns, print advertising spending, which contributes the majority of our revenues, has accelerated its decline", Miller said in a statement.

"These initiatives are significant", Mr Miller said.

The Australian Competition and Consumer Commission is in July to release draft rules for the platforms to pay fair compensation for content siphoned from news media.

The company said the bulk of its regional and local papers would shift to digital-only publishing by 29 June, with 76 papers moving online and 35 other titles closing permanently.

The company also intends to hire "more digital-only journalists", and to invest in expanding its online advertising offerings.

The Hobart Mercury and NT News are among a very small number of regional papers that will continue to publish both in print and digitally.

"We've already seen over 100 titles around the country close in regional areas and in local news coverage", Murphy said.

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The Media Entertainment and Arts Alliance (MEAA) said it was a huge loss for communities in regional and suburban Australia.

"Working with reduced budgets, we have had to make some extremely hard decisions", said CBS News President Susan Zirinsky in a memo to employees.

Under the plan, News Corp's major daily newspapers, including the Herald Sun and The Daily Telegraph, will become more state focused, drawing content from regional and community journalists.

News Corp also revealed today that 14 titles will cease publication altogether, after talks between the publisher and a competitor to take over some of the papers failed to bear fruit.

Communications Minister Paul Fletcher said it was a "very hard day for the journalists and other staff and the local communities involved".

This move affects about 90% of the regional newspaper portfolio at subsidiary News Corp.

"It's not good for the role of media, it's not good for regional employment, it's devastating for the professions that are within the media".

Rupert Murdoch's newspaper business in Australia has said more than 100 of its newspapers will become digital-only or disappear entirely.

"That's devastating, that's almost half the team that's going", she said.



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