News Corporation announced that in response to the macroeconomic challenges facing many of its businesses, the Company expects continue to implement cost savings initiatives, including an expected 5% headcount reduction, or around 1,250 positions this calendar year. While it is still evaluating the cost savings opportunity from this action, the Company expects this to generate an annualized cost savings of at least $130 million. The Company expects the charges related to this action to pay back in a year.