The company's chief executive officer, Robert Thomson, who is giving up three-quarters of his annual cash bonus, said on Thursday News Corp would cut costs in all its units as it tries to limit the hit of the pandemic on its business.
"The collective cuts in bonuses and other cost initiatives will have a positive impact on profitability and our cash position," Thomson said in a statement.
The Wall Street Journal owner said it incurred an impairment charge of $1.1 billion in the third quarter ended March 31, primarily related to a write-down at its struggling Australian pay television unit, Foxtel.
News Corp also reported an 8% drop in revenue to $2.27 billion, hurt by a weaker Australian dollar and lower subscription at Foxtel.
Separately, Australia's Telstra Corp
Media mogul Murdoch, who is also the chairman of Fox Corp