28 May JOBS LOSSES, TITLES TO CLOSE AT NEWS CORP; PANDEMIC DIVIDES ZOOMERS, ZERO AND GEN Z; RISE OF SUBURBAN WORKHUBS
Welcome to today’s business and media intelligence, with insights collected over the past 24-hours.
MORE BAD NEWS FOR COMMERCIAL MEDIA – JOBS LOSSES, TITLES TO CLOSE AT NEWS CORP
- News Corp, the country’s largest publisher, has this morning announced changes to its publication portfolio. The restructure means the bulk of News Corp’s regional and community titles (close to 100), will cease printing and move to purely digital publishing, with a number of smaller papers closing down altogether. News Corp admits there will be job losses. Read the announcement in full here.
PANDEMIC DIVIDES ZOOMERS, ZERO AND GEN Z
- While hashtags like #inittogether abound, the virus has widened existing divides between professionals, low-paid workers and the young, according to The Economist. The lucky ones have simply cut out the commute in their tech-enabled home offices, while many – dubbed the ‘zeros’ – can’t work at home, have lost their job or had their incomes cut. Read more here. (Subscriber access)
AUSSIES ARE BECOMING MORE OPTIMISTIC BUT FINANCIAL STRESS IS INCREASING
- As restrictions ease, Australians are feeling better about life and the future with fewer Australians now expecting the effect of the pandemic on economic activity to last for more than 12 months since the easing of restrictions on May 8. However, the proportion of people reporting being financially stressed has risen to 28 per cent from 21 per cent just three weeks ago, despite government policies to support jobs. Read the AFR’s full article here. (Subscriber access)
RISE OF SUBURBAN WORKHUBS
- Reservations about public transport and densely packed offices has led to a growing number of workers and businesses relocating to suburban hubs near their homes. Serviced office provider @Workspaces has seen a huge uplift in people wanting to be near their homes and local communities, as the once popular co-working spaces in inner-city have fallen out of favour. See more here in The AFR. (Subscriber access)
RENEWED SENSE OF OPTIMISM SPURS DOUBLING OF NAB SPP
- There has been a renewed sense of optimism by investors which has seen NAB double the size of its investor share purchase plan from $500 million to $1.25 billion. The recent size and speed of the recent share price rally in banking stocks “has been stunning” according to the AFR’s Chanticleer. See more here in The AFR. (Subscriber access)
US TRADING FLOORS RE-OPEN
- As the New York Stock Exchange partially opened its trading floor this week, the head of the Cboe, Chicago’s trading floor, also announced plan to open on June 8. There is one big difference though: everyone will be wearing masks, keeping social distancing and protecting others on the floor. Read more in Bloomberg. (Subscriber access)
GREEN SHOOTS IN IPO MARKET AS WARNER MUSIC GOES AHEAD WITH LISTING
- Warner Music Group will proceed with its IPO despite market uncertainty. The group is, expecting to be valued up to USD13.3 billion, signalling the strength of the music industry and the rise of music streaming services. Read more in the WSJ. (Subscriber access)
WHAT A VIEW!
- Missed this yesterday? We did, too. Sorry for the bad link. But this story is so great, we couldn’t help but include again today – with the right html! Picture this: A romantic dinner for two. The wine is excellent, the food delicious. It’s almost like the good old days. Except for the giant, see-through lampshades on your heads. Read more and see the pictures of the French installation designed to keep you safe from COVID-19 whilst eating at your favourite restaurant here.
Our daily briefing is not meant to be a summary of media coverage but rather, insights that may be helpful in understanding how organisations are communicating with stakeholders in a time of crisis – and what comes next. Sign up via email.