Rupert Murdoch’s company which owns The Times and Sun newspapers will cut 1,250 jobs.
It comes after inflation cut into media giant News Corp’s profits meaning it will slash around 5% of its workforce.
The Times and Sun publisher missed earnings expectations for the latest quarter.
It is the latest media company to cut roles, after Scottish newspaper and magazine publisher DC Thomson revealed that 300 members of staff will be made redundant.
Employees were told at an all-staff meeting on Wednesday that the Dundee-based company needs to plug a £10m gap in the business.
Last month, UK rival Reach, which owns the Mirror and Express titles, revealed plans to cut 200 roles.
Robert Thomson, chief executive of News Corp, said: “Obviously, a surge in interest rates and acute inflation had a tangible impact on all of our businesses.
“But we believe these challenges are more ephemeral than eternal.
“Just as our company passed the stress-test of the pandemic with record profits, the initiatives now underway, including an expected 5% headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth.”
It is unclear how much the proposed cuts will impact its UK workforce.
News Corp, which also owns Wall Street Journal publisher Dow Jones and book publisher Harper Collins, revealed that revenues dipped by 7% to £2.08bn over the three months to December 31, compared with a year earlier.
The slump was attributed to negative currency changes, as well as lower book sales revenues and weakness in its real estate services business.
It recorded net income of £77.7m for the quarter, compared with £216.7m, in the same period the previous year.
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