News Limited will announce a company-wide restructure today which may include a wave of redundancies and the purchase of Alan Kohler's Business Spectator.
News Limited has confirmed it will make an announcement today but will not confirm the timing or nature of the announcement. Sources have told AdNews chief executive Kim Williams will address staff at 1:45pm this afternoon.
An internal staff email said Williams will be "sharing his vision for News as the company embarks on its next phase of growth". It said: "a video message from Kim will be made available outlining what this vision is and how we, as a company, will transform to embrace opportunities the dynamic media landscape presents."
Rumours of mass redundancies at News Limited are
coming to a head. Some sources have suggested News Limited's cuts will
be deeper than those of Fairfax, which announced on Monday it will cull 1,900 staff over three years.
Numerous media reports have suggested News Limited has successfully acquired Australian Independent Business Media, which publishes websites including Business Spectator and The Eureka Report.
The move is expected to boost News Limited's strategy around its premium digital paywall services. Earlier, Fairfax was expected to scoop up the company.
The media company has also launched a takeover bid today for Consolidated Media Holdings which will see News increase its stake in Foxtel to 50%.
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