Date: 7th December 2000

News Corp Stops Hiring

News Corp, which has seen a steady decline in its share price following the posting of lower-than-expected profits in the quarter ended Sept. 30, said Wednesday that it has implemented a hiring freeze in its worldwide operations. The announcement was made by CEO Peter Chernin at the UBS Warburg media conference in New York. "I think it's a prudent thing to do as the marketplace softens," Chernin told Bloomberg News. "Also, the company has grown so quickly over the past few years, it's always a prudent idea to stop for a while and let (the company) catch up."

Source: Studio Briefing