Rupert Murdoch
Rupert Murdoch

A miserable quarter for News Corp has foreshadowed more deep cost-cutting to come, especially in Australian and non-metro newspapers.

Heading for a loss for the year to June, News Corp has suffered from advertising slumps, falls in book and newspaper sales and a digital property listing collapse -- offsetting continuing gains on its digital subscriptions in Australia, the UK and The Wall Street Journal in the US.

From the tone of a post-results briefing from CEO Robert Thomson and finance boss Susan Panuccio this morning, some of the cuts to come will be nasty.