News Ltd to cut jobs in restructure
Market watch top headlines
June 20 2012, 2:34PM
Under the changes, News Ltd will streamline its editorial and sales operations at its newspapers, which include The Daily Telegraph, Herald Sun and The Australian.
Coinciding with the restructure announcement, Mr Williams confirmed News Ltd would buy Australian Independent Business Media, which publishes the Business Spectator website and Eureka Report.
Mr Williams did not say how much News paid for the business, but reports suggested it was more than $20 million.
Earlier, News Ltd announced it had made a $1.97 billion bid for James Packer's Consolidated Media.
The deal, if approved by regulators, will allow Rupert Murdoch's News Ltd to dominate Australia's pay TV industry.
News Ltd would take full control of Fox Sports and lift its stake in pay TV operator Foxtel from 25 to 50 per cent, making it a joint owner with Telstra.
Mr Williams said significant changes were needed to be made to the way News Ltd worked, managed and delivered its products.
"This is the only way to drive the company forward and respond sensibly and properly to the rapid change evident in the landscape of media operation and use," he said.
"We must change to create a viable and sustainable future.
"Frankly, the changes we are living through are economically challenging requiring a resilient approach and original solutions."