The company will cut 1,250 positions in 2023

News Corporation. said on Thursday it would cut about 1,250 jobs, or 5% of its workforce, in the latest round of layoffs that have affected the media and technology industries in recent months.

Rupert Murdoch’s media company, which owns names like The Wall Street Journal, New York Post, Barron’s and HarperCollins, said the tough macro environment and higher interest rates are hurting the company.

On Thursday the company income statement and reported that its quarterly revenue was down 7% to $2.52 billion from the previous year. Media companies, especially digital media, are struggling with a tough ad market.

“Just as our company passed the pandemic stress test with record profits, the initiatives now underway, including an expected 5 percent reduction in headcount, or about 1,250 positions this calendar year, will provide a solid platform for future growth.” Director Robert. Thomson said in an earnings call Thursday.

Thomson noted that despite “obvious global challenges,” his professional information business at Dow Jones, the magazine’s publisher, saw a surge in revenue. Quarterly revenue for the entire Dow Jones segment grew by 11% compared to the previous period.

Last month, Murdoch and his son Lachlan Murdoch canceled a merger bid for News Corp. And Fox Corp., after determining the “combination is not optimal for shareholders” of any of the companies at the moment.

The offer was withdrawn after News Corp. was in preliminary negotiations to sell its stake in Move Inc., the parent company of Realtor.com, to commercial real estate company CoStar Group. On Thursday, the company said it was still participating in those discussions.