News Corp in attack on costs

Click to follow
The Independent Online
NEWS CORPORATION, the media conglomerate run by Rupert Murdoch, has set a target of cutting 3 per cent off operating costs across all businesses. Lachlan Murdoch, appointed senior executive vice-president of News Corp last week and favourite to succeed his father, will be in charge of implementing the programme.

The cuts will affect all News Corp's businesses, including the Times and Sun newspapers, Fox Broadcasting and HarperCollins. In the quarter to December, News Corp's profits after exceptionals slid to $395m (pounds 240m) from $396m in the period in 1997.