News Corp said Thursday that it would cut 5% of its workforce, or 1,250 jobs, after the media conglomerate fell short of quarterly Wall Street estimates for profit and revenue, hurt by declines across its businesses, including news.The company also said it incurred $6 million in one-time costs associated with its plans to merge with Fox Corp, which Rupert Murdoch, News Corp executive chairman and Fox co-chairman, scrapped in January.
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