20 Jun 2012

News Limited announces major restructure

8:00 pm on 20 June 2012

In Australia, News Limited has just announced it will restructure its print and media operations.

The announcement, which includes job cuts and a reduction in state operations, comes days after its rival Fairfax Media outlined plans to axe 19,00 jobs, close two major printing presses and downsize its flagship newspapers to tabloids.

The ABC' reports that The Australian, a News Limited title, is reporting online that the company's news operations will shrink from 19 down to 5 divisions on the east coast of Australia.

Chief executive Kim Williams reportedly told senior staff the changes will take between 18 and 24 months to implement.

The company has also bid almost $2 billion for Consolidated Media Holdings, a deal which would give it total ownership of Fox Sports and half of pay-TV broadcaster Foxtel.

Mr Williams also says News Limited remains committed to its print business saying 11 million newspapers are sold each week.