News Corp to cut 1,250 jobs after missing second-quarter estimates

Reduced ad spends due to rising inflation and higher interest rates have battered Rupert Murdoch's media conglomerate

Media conglomerate News Corp said on Thursday that it would cut 1,250 jobs after it missed estimates for second-quarter earnings due to weakness in its news and digital real estate businesses.

Rising inflation and higher interest rates are forcing companies to curb their ad and marketing spend, denting one of the major sources of revenue for companies such as News Corp, which has major publishing platforms including the Wall Street Journal and New York Post in the US, The Sun and The Times in the UK, and The Australian.