News Corp stalwart Nicholas Gray a winner in restructure as union awaits details of job cuts
Sweeping changes to the company were announced to staff in an email from executive chairman Michael Miller on Wednesday, including the high-profile departure of news.com.au editor-in-chief, Lisa Muxworthy.
The News Corp Australia executive responsible for cutting deals with digital platforms, Nicholas Gray, has been elevated as part of a major restructure at the Murdoch controlled media company designed to save $65 million in costs.
In an email to staff on Wednesday obtained by Capital Brief, executive chairman Michael Miller confirmed that the company would move to reorganise the business into three divisions as part of a transition set to take place from the middle of June. News Corp Australia did not immediately respond to a request for comment.
Under the changes, Gray will now oversee The Australian and News Corp's prestige titles and magazines, while the top editor of news.com.au Lisa Muxworthy is among the highest-profile editors to be made redundant in what is being described as the most significant overhaul at the company in years.
The restructure comes in direct response to sustained weakness in the advertising market and Meta’s decision to walk away from deals with news publishers, according to two people familiar with the matter, and sought to target $65 million in cost savings over the next two financial years; $15 million in the first, and the remaining $50 million in the second.
