The Week: Media News - NewsCorp faces job losses

Rupert Murdoch has announced job cuts at News Corporation's newspapers in the UK and Australia, after it slashed its 2009 profits forecast in reaction to the current economic downturn.

Shares in the media company dropped by 20 per cent soon after the announcement. Murdoch said there would be "across the board" job losses to make its operations leaner in the UK and Australia.