Now HERE are some job cuts we can be happy about!

[EraOfResponsibility]

http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/media/4531074/News-Corp-warns-of-job-cuts-after-losses.html
By James Quinn, Wall Street Correspondent
Last Updated: 11:56PM GMT 05 Feb 2009

Stop press: job cuts are widely predicted at News Corp's national newspapers, which include The Sun and The Times. Photo: AP News Corp, whose UK assets include a 39pc stake in BSkyB and the Times newspaper, will make the cuts amid what its septuagenarian chairman called a "grim economic climate".

Mr Murdoch was not specific on where cuts would come in the UK, but redundancies at its UK newspaper assets are widely expected to be announced next week. In the US, it is cutting around 24 newsroom jobs at the Wall Street Journal, where Mr Murdoch said advertising was down 20pc, and is imposing a recruitment freeze on vacant positions.

News Corp made a loss of $6.42bn (£4.4bn) in the three months to December as it took an $8.4bn hit on the value of its television and newspaper assets. The write-down, the result of a review of the value of its assets in the quarter, comprised $3.6bn of goodwill and revaluing of its newspaper and information service assets, and $4.6bn against the value of its cable television licences in the US.

Its newspaper business delivered an adjusted operating income of $179m, down $17m from the same period in the prior year. UK advertising revenues fell by about 10pc on the year, with continued declines in classified and non-colour advertising, primarily at its quality titles, the Times and the Sunday Times. But it did witness a rise in colour display sales at the Sun.