A slump in advertising spending by businesses hit by rising inflation and higher interest rates has dented one of the major sources of revenue for companies such as News Corp, which publishes the Wall Street Journal.
The company also said it incurred $6m in one-time costs associated with its plans to merge with Fox, which News Corp Executive Chairman and Fox Co-Chairman Rupert Murdoch scrapped in January.
To combat the slowdown, Thomson said there were a number of initiatives underway, including the job cuts. The layoffs will be made across all businesses and result in annual savings of at least $130m. The Dow Jones division, which includes the WSJ, reported an 11% rise in revenues to $563m in the quarter, with strong growth in its professional information business.
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