Senior Director Global Treasury

Online News Act golden age update: Corus slashes more jobs. Discover more Businesses The never-ending tsunami of pink slips post Online News Act continues with Corus slashing even more positions. When the Online News Act was being debated while it was still Bill C-18, lobbyists promised the moon in exchange for its passage. Their argument was that journalism is dying in this country and the Online News Act would completely reverse this. In their all too familiar "But AUSTRALIA!!!" refrain which has long been a sign that these jackwagons are lying through their teeth, the lobbyists pointed to Australia as an example of the link tax in action. They argued (falsely) that when Australia passed their link tax legislation, hiring was happening all over the place in the country and the entire sector was effectively "rejuvenated". Therefore, all they were asking is that same golden age of journalism happen here with the passage of the legislation. Even at the time it was debated, it was stupidly obvious that this reasoning was complete and utter bullshit. As that debate was happening, Australia's News Corp slashed 1,250 jobs. At the time, I dutifully notified Senator Paula Simons of this development who, in turn, brought this up twice during the senate hearings. The response from lobbyists was a very awkward "oh" before they scrambled for an answer - specifically that it was all just a one-off incident and that they can't speak for any one particular company in Australia. Anyone with any sense of basic logic and reasoning would see those arguments as unconvincing, but too many politicians were far too heavily influenced by the mainstream media lobbying to concern themselves with pesky little things like facts and evidence. So, despite everything, the government passed Canada's link tax even though the News Corp story was an obvious harbinger of things to come. With things predictably going sideways with Meta dropping news links in Canada, the Canadian government panicked and issued bailout after bailout in a desperate bid to make all the media companies whole. This to stave off the massive layoffs that were going to come regardless of the outcome of the Online News Act. With the mainstream media getting everything they wanted, they let loose the pink slip floodgates that were always going to happen. Rogers, for their part, slashed funding, laid numerous people off, shut down radio stations, axed numerous more jobs, and slashed an additional 10,000 (accounting for nearly half their entire workforce). This happened on top of Rogers also getting their massive monopolistic merger to go through which also promised the moon. The hilarious thing in all of this is that when I accurately predicted all of this happening (including Meta dropping news links), I was accused of being paranoid and ridiculous - kind of like how I'm currently being accused of being ridiculous or wrong for pointing out that the Meta lawsuits over fake "addiction" accusations is a threat to free speech due to it butchering critical Section 230 protections. Now, look at where Freezenet is today. You don't really hear much from the people who said that I was wrong that layoffs are going to follow after the passage of Bill C-18. The people who argued I was wrong about Meta ditching news links? Awfully silent these days. Oh, and speaking of things I was told would never happen that ultimately did, today, I caught wind that Corus is slashing even more jobs. Let's check out the Toronto Sun for news on the thing people swore would never happen: A month after dozens of broadcasting jobs were cut, Corus Entertainment is going through another round of layoffs. The Toronto-based broadcaster and media company confirmed job losses at Toronto radio station News 640, Global National and Global BC, as well as unspecified talk radio stations. "As we continue to adapt to the evolving needs of our business, Corus has made a small number of changes in select markets, including roles at Global BC, Global National, News 640 and talk radio," a company spokesperson said in an emailed statement to the Toronto Sun. "These changes are part of the difficult but necessary work to ensure our teams are structured in a sustainable way, while minimizing disruption to local news and audio delivery." Welcome to the Online News Act golden age of journalism, everyone! Yup, the era where hiring is happening all over the place and the entire sector is completely rejuvenated and more lively than ever before! Don't believe those silly people who say that there's going to be layoffs! That kind of scenario would never happen! I tell you, layoffs are totally a thing of the past now that the sector has the "global standard" Online News Act. Meanwhile, back in the world of reality, as I've said so many times before, the pink slip tsunami isn't going to slow any time soon. This is just one more incident of people's livelihoods getting axed. Yes, it's awful what's going on, but very predictable. I've pointed out many times how things can turn around like halting the demonizing of "younger" generations and adapting business models, but like every other time I've pointed out these obvious things, those points generally fall on deaf ears, so I don't see the point. Anyway, I'll just be over here continuing to track the death toll of people's careers however I can. The layoffs happen so often, even I don't catch every wave.

News Corp profit soars 167% as 'digital-first' strategy delivers record quarter. Published on: 6th August 2026 at 10:38 AM News Corp has delivered a record fourth quarter, with net income surging 167 per cent (US$230 million) as the media giant credited its "digital-first" transformation, AI licensing opportunities and growth across its core businesses for the result. The strong finish comes after News Corp's second-quarter results earlier this year showed a more mixed picture for its traditional media operations, with the company continuing to argue that premium journalism and trusted content will become increasingly valuable as artificial intelligence reshapes the media landscape. For the three months ended 30 June, News Corp reported revenue of US$2.3 billion, up 11 per cent year-on-year, while total segment EBITDA climbed 31 per cent to US$423 million. Net income from continuing operations jumped to $230 million, compared with $86 million in the prior corresponding period, while reported earnings per share increased to $0.33 from $0.09. News Corp chief executive Robert Thomson described the quarter as one of "record profitability", saying the company's investment in digital businesses, subscriptions and recurring revenue streams had strengthened its position despite ongoing disruption across media. "These results mean that we have posted twelve consecutive quarters of year-on-year revenue growth and thirteen consecutive quarters of year-on-year Total Segment EBITDA growth," Thomson said. "For a company that is majority digital and has vastly expanded its portfolio of premium recurring revenues, the robustness of our strategy has allowed us to navigate tech and economic and political turbulence." For the full financial year, News Corp reported revenue of $9 billion, up 7 per cent, while EBITDA increased 15 per cent to more than $1.6 billion. Free cash flow also rose 42 per cent to $811 million, allowing the company to accelerate its share buyback program, with $643 million worth of shares repurchased during the year. News Corp highlighted three major growth engines - Dow Jones, Digital Real Estate Services and Book Publishing - as key drivers behind the record result. Dow Jones revenue increased 7 per cent to $644 million, with EBITDA up 20 per cent to $181 million. The business continued to benefit from subscription growth, with total subscriptions increasing 7 per cent year-on-year to more than 6.7 million. Digital advertising revenue also climbed 10 per cent during the quarter. Digital Real Estate Services, which includes Australia's REA Group and US platform Realtor.com, was one of the strongest performers, with revenue increasing 19 per cent to $553 million and EBITDA jumping 46 per cent to $222 million. REA Group revenue rose 21 per cent, driven by growth in Australian residential listings, pricing increases and additional product offerings. HarperCollins also delivered a strong quarter, with revenue increasing 15 per cent to $566 million. Avoiding 'slimy sea of AI slop' Thomson also used the earnings call to reinforce News Corp's position in the emerging AI economy, arguing that trusted journalism, intellectual property and premium content would become increasingly important as generative AI expands. The company has been pursuing licensing partnerships with AI companies while also taking legal action against organisations it believes have used News Corp content without permission. "Artificial intelligence itself is only as useful, only as trustworthy as the quality and integrity of its inputs," Thomson said. "Without our journalists, our authors, our data, our brands and our professional expertise, users would be drowning in a slimy sea of AI slop." The comments echo Thomson's stance earlier this year, when he argued that AI platforms would increasingly need access to high-quality, authoritative content rather than low-value material generated at scale. News Corp said 61 per cent of its fiscal 2026 revenue now came from digital businesses, reflecting its transition away from a historically print-led model. The company said it expects continued growth in the current financial year, with further margin expansion anticipated across its major businesses. Join more than 30,000 advertising industry experts Get all the latest advertising and media news direct to your inbox from B&T.