News Corp plans major shake-up as MetaMoney ends and contract with Google ends

Biggest change since the Williams era

One of the people who heard the move discussed at the Royal Randwicks Chairman's Club on Saturday said the former CEO and now ABC chairman carried out a radical restructuring in 2012. He said this would be the most significant change since the Kim Williams era. With his resignation.

Other options considered included moving Sky News Australia to News Corp's Holt Street headquarters in Sydney's Surry Hills and eliminating the state executive director.

The restructuring, led by News Corp Australia's executive chairman Michael Miller, is under review and insiders say no final decisions have been made.

This comes as the global company attempts to strike a new deal with Google under threat from the News Media Bargaining Code.

A new contract may be announced at any time. A spokesperson for News Corp Australia declined to comment.

In 2021, both Google and Meta (then called Facebook) struck deals with Australian media companies in exchange for news content they produced. These deals were worth up to $250 million annually.

Meta has since declared that it will not sign new contracts, leaving a gaping hole in the balance sheets of the 13 companies it had signed contracts with.

Google's new deal

Meanwhile, Google seems likely to sign a new deal with new terms. News Corps' previous Google contract, which expired last week, was international and worth more than nine figures a year, or $100 million, according to global CEO Robert Thomson, one source said. It is said to be worth more than $54 million.

The new deal does not call for more money, people familiar with the negotiations said. News Corp editors flew to Sydney this month to hear about the case.

In the past few weeks, up to 12 people have been let go from News Corps' vertical video team in Australia, and at least 11 people have reportedly been let go from the Wall Street Journal, related to Google's new deal. It is believed that Google did not respond to a request for comment.

Staff at News Corps' Editorial Innovation Center, which was responsible for producing more than 100 Google Web Stories per week under the contract, is now gone, and so are officials, sources said. Admitted.

The Daily Telegraph's long-awaited DT TV product has finally started publishing vertical video on a dedicated landing page, one of News Corp's senior executives insists video production remains a priority.

Cost reduction

The restructuring and job cuts also come after major cost cuts last year.

Globally, the company reduced costs by more than $160 million in the first half of 2023 after the advertising market deteriorated.

News Corp Australia reported fiscal year 2023 revenue of $998 million, down 8% primarily due to lower advertising, currency fluctuations and a week-on-year decline. did.

As consumer spending tightened due to a series of consecutive interest rate increases, major advertisers also began to tighten their spending.

The television market has plummeted as consumers flock to online streaming.

Local media companies now compete with the likes of Meta, Google, Netflix, Uber, Amazon and even Woolworths to sell ads to targeted audiences.

Sources 1/ https://Google.com/ 2/ https://www.afr.com/companies/media-and-marketing/news-corp-plots-major-shake-up-as-meta-money-ends-google-deal-nears-20240412-p5fjds The mention sources can contact us to remove/changing this article

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