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Foxtel redundancies follow US$11m loss

November 9, 2016 10:48

Foxtel will cut jobs after recording an US$11m loss in the first quarter of 2016 and the decision to close streaming service Presto.

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Yesterday’s financial results for News Corp revealed that the Presto decision cost the company US$21m, with Foxtel reporting a US$11m loss for the quarter, which includes write-downs by News in the value of “finite-lived tangible assets” of the company.

Peter Tonagh, Foxtel CEO, confirmed “a number of structural changes” to the business; however, he did not divulge how many staff had been impacted.

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Miranda Ward worked for Mumbrella from 2013 to 2017, eventually becoming deputy editor. Miranda joined Mumbrella in September 2013 from Sky News.

Topics
Foxtel Peter Tonagh redundancies
2 COMMENTS
GC 9 Nov 16

Places like this will be run by kids in basements in the future. Just like Uber over-running the taxi industry this dinosaur has had it’s day.

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PC 11 Nov 16

The CEO makes a 21M loss making decision and other staff get laid off?

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